Related Commentary  Related HMRC Manuals

103(1)  This section determines for the purposes of section 102 the policyholders' share of the I – E profit of an insurance company for an accounting period.

103(2)  If the basic life assurance and general annuity business of the company carried on by the company in the accounting period is mutual business, the policyholders' share of the I – E profit is the whole of that profit.

103(3)  In any other case, the policyholders' share of the I – E profit is determined as follows.

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