Related Commentary  Related HMRC Manuals

124A(1)  This section applies if–

(a)an insurance company carrying on basic life assurance and general annuity business makes a BLAGAB trade loss for an accounting period beginning on or after 1 April 2017 (“the loss-making period”),

(b)relief under–

section 37 of CTA 2010 (as applied by section 123), or

Part 5 of CTA 2010 (group relief) (as applied by section 125),

is not given for an amount of the loss (“the unrelieved amount”), and

(c)the company continues to carry on basic life assurance and general annuity business in the next accounting period (“the later period”).

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