PART 2U.K.Insurance companies carrying on long-term business
CHAPTER 2U.K.Charge to tax on I - E basis etc
BLAGAB taxed on I - E basisU.K.
68Charge to tax on I - E profitU.K.
(1)The charge to corporation tax applies to the I - E profit of the basic life assurance and general annuity business carried on by an insurance company.
(2)For the meaning of “I - E profit”, see section 73.