PART 2Insurance companies carrying on long-term business
CHAPTER 2Charge to tax on I - E basis etc
Separate businesses etc
C167Exception where BLAGAB small part of long-term business
1
There is an exception to the general rule set out in section 66(1) if for an accounting period of an insurance company substantially all of its long-term business is not basic life assurance and general annuity business.
2
In that case, there is for the accounting period to be no separate business consisting of the company's basic life assurance and general annuity business.
3
There is instead to be one business that is to be regarded for corporation tax purposes as a single trade of the company consisting of its long-term business.
4
That single trade is to be regarded as “non-BLAGAB long-term business” for the purposes of this Part.
5
Accordingly, references in this Part (apart from in section 66 and this section) to a company's basic life assurance and general annuity business do not include any business which, as a result of this section, is regarded as non-BLAGAB long-term business.