Related Commentary  Related HMRC Manuals

114(1)  This Chapter applies in the case of an insurance company which, as a result of section 66, has–

(a)a business consisting of basic life assurance and general annuity business, and

(b)a non-BLAGAB long-term business.

114(2)  The rules contained in this Chapter determine–

(a)how to allocate between those two businesses the profits or loss of the long-term business calculated in accordance with generally accepted accounting practice, and

(b)how to allocate the tax adjustments in making the calculations mentioned in subsection (5)(a) and (b).

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