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Finance Act 2012
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95Use of non-BLAGAB allowable losses to reduce I - E profitU.K.
This section has no associated Explanatory Notes
(1)This section applies if—
(a)an insurance company has an I - E profit for an accounting period, and
(b)non-BLAGAB allowable losses have accrued to the company that are available for deduction [F1under section 2A(1) of TCGA 1992, as permitted by section 210A(2) and (2A) of that Act,] from the shareholders' share of BLAGAB chargeable gains that have accrued to the company.
(2)Those losses may be deducted from those gains in accordance with that provision so as to reduce the amount of the I - E profit for the accounting period to nil but no further.
(3)For the purposes of subsection (1)(a), assume that non-BLAGAB allowable losses cannot be deducted from any BLAGAB chargeable gains (and, accordingly, ignore the effect of this section).
Textual Amendments
F1Words in s. 95 substituted (1.4.2020 in relation to accounting periods beginning on or after that date) by Finance Act 2020 (c. 14), Sch. 4 paras. 15, 42 (with Sch. 4 paras. 43-46)
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