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(1)This section applies if the profits for an accounting period of the basic life assurance and general annuity business carried on by an overseas life insurance company in the United Kingdom consist of or include exempt FOTRA profits.
(2)In making the calculation required by step 1 of section 76 for the accounting period, ignore so much of the ordinary BLAGAB management expenses of the company as are referable to exempt FOTRA profits.
(3)The relevant proportion of those expenses is to be regarded for the purposes of this section as referable to exempt FOTRA profits.
(4)The relevant proportion is—
where—
FOTRA is the amount of the exempt FOTRA profits arising in the accounting period, and
I is the amount of I found by the calculations required by step 4 in section 73 in relation to the company’s basic life assurance and general annuity business for the accounting period.
(5)In this section “exempt FOTRA profits” means profits in respect of which no liability to corporation tax arises as a result of section 1279 of CTA 2009.
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