190(1)Section 1080 (entitlement to relief: I minus E basis) is amended as follows.
(2)In subsection (1), for “under the I minus E basis in respect of its life assurance business” substitute “in respect of its basic life assurance and general annuity business in accordance with the I - E rules”.
(3)For subsection (2) substitute—
“(2)If any additional deduction to which the company would otherwise be entitled under section 1074 is referable, in accordance with Chapter 4 of Part 2 of FA 2012, to the company’s basic life assurance and general annuity business, it is to be treated for the purposes of section 76 of that Act as a deemed BLAGAB management expense for the accounting period in question.”
(4)Omit subsections (3) and (4).