8(1)This paragraph applies where—
(a)the relevant company was a party to an investment life insurance contract immediately before the beginning of the first accounting period of the company beginning on or after 1 April 2008,
(b)the company brings into account credits and debits in respect of the contract otherwise than on the basis of fair value accounting, and
(c)the carrying value of the contract as recognised for accounting purposes immediately before the beginning of that first accounting period exceeds the fair value of the contract at that time.
(2)No amount is to be brought into account as a debit by virtue of paragraph 2 in relation to the contract except to the extent that the aggregate of—
(a)the amount of the debit, and
(b)the total of any other debits which have previously arisen in relation to the contract by virtue of that paragraph,
is greater than the excess mentioned in sub-paragraph (1)(c).