387Treatment of deficit on basic life assurance and general annuity business: introductionU.K.
This section has no associated Explanatory Notes
(1)Sections 388 to 391 apply [F1for the purposes of the I - E rules] instead of [F2Chapters 16 and 16A] (non-trading deficits) if a company has a non-trading deficit from its loan relationships for BLAGAB for any accounting period.
(2)In those sections “the deficit” and “the deficit period” mean that deficit and that period respectively.
Textual Amendments
F1Words in s. 387(1) inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 151
F2Words in s. 387(1) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 132
Modifications etc. (not altering text)