This section has no associated Explanatory Notes
34(1)This paragraph applies if—U.K.
(a)an insurance company carries on basic life assurance and general annuity business in an accounting period beginning on or after 1 January 2013, and
(b)the company has a BLAGAB trade loss for the accounting period.
(2)For the purposes of section 37(6) of CTA 2010 (as applied by section 123) the company is to be treated as carrying on that business in a previous accounting period if the company carried on life assurance business in that period.