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75(1)  This section explains for the purposes of section 73 how to calculate the BLAGAB chargeable gains of the company for the accounting period as adjusted for allowable losses.

Step 1

First, calculate the chargeable gains–

(a)that accrue to the company in the accounting period from the disposal of assets held for the purposes of the company's long-term business, and

(b)that are referable, in accordance with Chapter 4, to its basic life assurance and general annuity business.

Step 2

Then, deduct from the amount of those gains–

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