202(1)Section 1165 (meaning of “qualifying life assurance business loss”) is amended as follows.
(2)In subsection (1)—
(a)in the opening words, for ““qualifying life assurance business loss”” substitute ““qualifying BLAGAB loss””, and
(b)in paragraph (b), for “section 76(12) of ICTA (unrelieved expenses carried forward)” substitute “section 73 of FA 2012 as excess BLAGAB expenses”.
(3)In subsection (2), for “section 76(12) of ICTA” substitute “section 73 of FA 2012 as excess BLAGAB expenses”.
(4)In subsection (3), for paragraph (b) substitute—
“(b)taken into account in calculating for the purposes of section 73 of FA 2012 the amount of adjusted BLAGAB management expenses of the company for the relevant accounting period as a result of—
(i)the previous application of section 73 or 93 of FA 2012, or
(ii)the carry forward to the relevant accounting period of an amount under section 391 of this Act (surplus deficit).”
(5)In subsection (4), for “qualifying life assurance business loss” substitute “qualifying BLAGAB loss”.
(6)In the heading, for ““qualifying life assurance business loss”” substitute ““qualifying BLAGAB loss””.