[2009] EWHC 60 (Ch).

Chancery Division.

[The appeal against this decision is reported at [2010] BTC 526.]

Patten J.

Judgment delivered 20 January 2009.

Corporation tax – Life assurance company – Policy holders' share of profits – Basic life assurance and general annuity business – Sch. D, Case 1 – Trading losses – Notional computation of profits – Whether trading losses brought forward from prior accounting periods – Taxpayer’s appeal dismissed – HMRC’s cross-appeal allowed – Income and Corporation Taxes Act 1988, s. 393 – Finance Act 1989, s. 89(1), (7) – Finance Act 2003, Sch. 33, para. 7(1), (3).

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