22(1)   So much of the policy holders' share of the qualifying investment income from investments of a company's long-term business as is referable to its life assurance business–

(a)shall not be used (for the purposes of computing the amount of shadow ACT which the company is treated as having paid for an accounting period under regulation 11(10)) to frank relevant distributions made by the company in that period;

(b)shall be disregarded in determining whether the company has a surplus of franked investment income as mentioned in regulation 11(13), or the amount of the surplus.

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