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Finance Act 2012

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This is the original version (as it was originally enacted).

105Meaning of “BLAGAB non-taxable distributions” and “shareholders’ share”
This section has no associated Explanatory Notes

(1)This section explains for the purposes of section 104 what is meant by—

  • “BLAGAB non-taxable distributions”, and

  • “the shareholders’ share” of BLAGAB non-taxable distributions.

(2)Non-taxable distributions are “BLAGAB” non-taxable distributions if they are referable, in accordance with Chapter 7, to the company’s basic life assurance and general annuity business.

(3)The “shareholders’ share” of the BLAGAB non-taxable distributions receivable by the company in the accounting period is the relevant proportion of those distributions.

(4)The relevant proportion is—

where—

  • BTP is the amount of the BLAGAB trade profit of the company for the accounting period,

  • BNTD is the amount of the BLAGAB non-taxable distributions receivable by the company in the accounting period, and

  • I is the total of the amounts given by the calculations required by steps 1 to 3 in section 73 (I - E basis: income referable to BLAGAB) in relation to the company’s basic life assurance and general annuity business for the accounting period.

(5)If BTP exceeds BNTD + I, the shareholders’ share of the BLAGAB non-taxable distributions receivable by the company in the accounting period is the whole of those distributions.

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