Part 3Trading income
Chapter 9Trade profits: other specific trades
F1Insurers
130 Insurers receiving distributions etc
(1)
This section applies for the purpose of calculating the trading profits of—
(a)
insurance business other than F2business in relation to which section 111 of FA 2012 applies, or
(b)
any category of such business.
(2)
A receipt that is exempt for the purposes of Part 9A (company distributions) is not brought into account in calculating the profits of the trade.
F3130AInsurers in financial difficulties: write-down orders
(1)
A receipt or expense that is attributable to the operation of a write-down order, or to a write-down order ceasing to have effect, is not brought into account in calculating the profits of a trade.
(2)
In this section “write-down order” means an order under section 377A of the Financial Services and Markets Act 2000 (court order writing down liabilities of insurer).