471Creditors who are insurance companies carrying on BLAGABU.K.
(1)This section sets out the conditions referred to section 468(1)(b)).
(2)Condition A is that the creditor is an insurance company carrying on basic life assurance and general annuity business in the accounting period.
(3)Condition B is that the asset representing the creditor relationship [F1is matched for that period to a BLAGAB liability].
(4)Condition C is that conditions C, D and E in section 469 are met in relation to that asset.
Textual Amendments
F1Words in s. 471(3) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 159
Modifications etc. (not altering text)
C1Pt. 5 modified (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 88(1)(2)(7) (with s. 147, Sch. 17)
C2Ss. 466-471 applied by 2010 c. 4, s. 937K(8) (as inserted (with effect in accordance with Sch. 16 para. 5 of the amending Act) by Finance Act 2010 (c. 13), Sch. 16 para. 3)
C3Ss. 466-471 applied by 2010 c. 4, s. 938E(11) (as inserted (19.7.2011) by Finance Act 2011 (c. 11), Sch. 5 para. 2)
C4Ss. 466-471 applied by 2010 c. 4, s. 357GD(11) (as inserted (with effect in accordance with Sch. 2 para. 7 8 of the amending Act) by Finance Act 2012 (c. 14), Sch. 2 para. 1(1))