PART 2Insurance companies carrying on long-term business

CHAPTER 2Charge to tax on I - E basis etc

PHI only business

72Companies carrying on only PHI business

Nothing in—

a

this Part, or

b

any other provision of the Corporation Tax Acts that makes special provision in relation to, or by reference to, long-term business carried on by insurance companies,

is to apply in relation to a company which carries on long-term business which consists wholly of PHI business.