Part 5Loan Relationships

Chapter 10Insurance companies

Treatment of deficit on basic life assurance and general annuity business

387Treatment of deficit on basic life assurance and general annuity business: introduction

(1)

Sections 388 to 391 apply F1for the purposes of the I - E rules instead of F2Chapters 16 and 16A (non-trading deficits) if a company has a non-trading deficit from its loan relationships for BLAGAB for any accounting period.

(2)

In those sections “the deficit” and “the deficit period” mean that deficit and that period respectively.