Shifts in basis of taxation at first post-commencement accounting periodU.K.
29(1)This paragraph applies where—U.K.
(a)the profits of the life assurance business of an insurance company for the first accounting period of the company beginning on or after 1st January 2007 (“the first accounting period”) are charged to tax in accordance with Case I of Schedule D by virtue of subsection (3)(b) of section 431G of ICTA, but
(b)the profits of the life assurance business of the company for the preceding accounting period were charged to tax under the I minus E basis.
(2)The amount of the losses available to be set off under section 393 of ICTA against the profits of the first accounting period is the amount of any loss under section 436, 439B or 441 of ICTA carried forward to that period by virtue of Part 2 of Schedule 7 to this Act.