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205(1)Section 1168 (restriction on carrying forward expenses payable where tax credit claimed) is amended as follows.U.K.
(2)In subsection (1), for “a life assurance company tax credit” substitute “ a BLAGAB tax credit ”.
(3)In subsection (2)—
(a)for “section 76 of ICTA” substitute “ section 73 of FA 2012 ”,
(b)for “subsection (12) of that section” substitute “ that section as excess BLAGAB expenses ”, and
(c)for “Step 7 in subsection (7) of that section” substitute “ step 5 in section 76 of FA 2012 ”.
(4)In subsection (3), for “qualifying life assurance business loss” substitute “ qualifying BLAGAB loss ”.