126Restrictions in respect of non-trading deficitU.K.
(1)The amount of a BLAGAB trade loss for an accounting period of an insurance company that is available for relief under—
(a)section 37 of CTA 2010 (as applied by section 123), or
(b)Part 5 of CTA 2010 (group relief) (as applied by section 125),
is to be reduced by the amount of any relevant non-trading deficit which the company has for the accounting period.
(2)The reference to a relevant non-trading deficit for an accounting period is a reference to the non-trading deficit which the company [F1has, calculated by reference only to credits and debits—
(a)arising in respect of such of the company's loan relationships as are debtor relationships (see section 302(6) of CTA 2009), and
(b)referable, in accordance with Chapter 4, to the company's basic life assurance and general annuity business.]
Textual Amendments
F1Words in s. 126(2) substituted (with effect in accordance with s. 67(5) of the amending Act) by Finance Act 2016 (c. 24), s. 67(4)