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(1)The amount of a BLAGAB trade loss for an accounting period of an insurance company that is available for relief under—
(a)section 37 of CTA 2010 (as applied by section 123), or
(b)Part 5 of CTA 2010 (group relief) (as applied by section 125),
is to be reduced by the amount of any relevant non-trading deficit which the company has for the accounting period.
(2)The reference to a relevant non-trading deficit for an accounting period is a reference to the non-trading deficit which the company [F1has, calculated by reference only to credits and debits—
(a)arising in respect of such of the company's loan relationships as are debtor relationships (see section 302(6) of CTA 2009), and
(b)referable, in accordance with Chapter 4, to the company's basic life assurance and general annuity business.]
Textual Amendments
F1Words in s. 126(2) substituted (with effect in accordance with s. 67(5) of the amending Act) by Finance Act 2016 (c. 24), s. 67(4)
(1)This section applies in the case of an insurance company carrying on basic life assurance and general annuity business.
(2)None of the following reliefs are to be given against the policyholders' share of any I - E profit of the company for any accounting period (as determined for the purposes of section 102).
(3)The reliefs in question are—
(a)relief under section 37 of CTA 2010 (including as applied by section 123),
(b)relief under Chapter 2 or 4 of Part 4 of CTA 2010 (loss relief),
(c)relief under Part 5 of CTA 2010 (group relief) (including as applied by section 125),
(d)relief in respect of any qualifying charitable donation,
(e)relief in respect of any amount representing a non-trading deficit on the company's loan relationships calculated otherwise than by reference to debits and credits referable, in accordance with Chapter 4, to its basic life assurance and general annuity business.
(4)If the company's basic life assurance and general annuity business is mutual business, subsection (3)(d) does not apply.