PART 2Insurance companies carrying on long-term business
CHAPTER 9Relief for BLAGAB trade losses etc
The reliefs
C1124AF1Carry forward of post-1 April 2017 BLAGAB trade losses against subsequent profits
1
This section applies if—
a
an insurance company carrying on basic life assurance and general annuity business makes a BLAGAB trade loss for an accounting period beginning on or after 1 April 2017 (“the loss-making period”),
b
relief under—
section 37 of CTA 2010 (as applied by section 123), or
Part 5 of CTA 2010 (group relief) (as applied by section 125),
is not given for an amount of the loss (“the unrelieved amount”), and
c
the company continues to carry on basic life assurance and general annuity business in the next accounting period (“the later period”).
2
The unrelieved amount is carried forward to the later period.
3
Relief for the unrelieved amount is given to the company in the later period if the company has a BLAGAB trade profit for the later period.
4
The relief is given as set out in subsection (5).
C15
For the purposes of—
a
section 93 (minimum profits charge), and
b
section 104 (policyholders' rate of tax),
the BLAGAB trade profit of the later period is reduced by the unrelieved amount F2....
6
Relief under this section is subject to restriction or modification in accordance with section 137(7) of CTA 2010 and other applicable provisions of the Corporation Tax Acts.