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1

Relief under subsection (4) or (7) of section 131 of the 1993 Act, so far as those subsections have effect in relation to losses other than losses treated as non-trading losses for the purposes of section 160 of the Finance Act 19944, shall not be allowable against the policy holders' share of the relevant profits for any accounting period.

2

In this regulation “the policy holders' share of the relevant profits” has the same meaning as in section 88 of the Finance Act 19895.