Related Commentary  

563(1)  This section applies if–

(a)as a result of section 562 the relevant company is required to bring into account for an accounting period a non-trading credit representing a profit from a related transaction, and

(b)the investment life insurance contract is–

(i)a BLAGAB contract, or

(ii)a contract which is subject to a relevant comparable EEA tax charge.

563(2)  For the meaning of “BLAGAB contract” and of a contract being subject to a relevant comparable EEA tax charge, see section 564.

563(3)  The non-trading credit is treated as increased by the relevant amount.

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