Related Commentary  Related HMRC Manuals

66(1)  If an insurance company carries on–

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

(b)other long-term business,

the general rule is that business within paragraphs (a) and (b) is to be treated for corporation tax purposes as two separate businesses carried on by the company.

66(2)  One of the separate businesses is to consist of the basic life assurance and general annuity business.

66(3)  The other separate business is to be regarded for corporation tax purposes as a single trade consisting of the other long-term business.

66(4)  If an insurance company carries on–

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