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(1)This section applies if—
(a)at all times since the old contract was made the rights conferred by it have been in the beneficial ownership of the relevant company,
(b)the company brings into account credits and debits in respect of the old contract on the basis of fair value accounting, and
(c)the old contract cost exceeds the fair value of the contract immediately before the beginning of the first accounting period.
(2)In subsection (1)(c) “the old contract cost” means—
(a)if section 541 of ICTA applied on the deemed surrender, the amount specified in section 541(1)(b)(i) of that Act, less the amount or value of any relevant capital payments (as defined in section 541(5)(a) of that Act), and
(b)if section 543 of that Act applied on the deemed surrender, the amount specified in section 543(1)(a)(i) of that Act, less the amount or value of any relevant capital payments (as defined in section 543(3) of that Act).
(3)No amount is to be brought into account as a credit in relation to the old contract by the relevant company as a result of section 562 except so far as the total of—
(a)the amount of the credit, and
(b)the amount of any other credits which have previously arisen in relation to the old contract as a result of that section,
is greater than the excess mentioned in subsection (1)(c).
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