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76  This section explains for the purposes of section 73 how to calculate the adjusted BLAGAB management expenses of the company for the accounting period.

Step 1

Calculate the ordinary BLAGAB management expenses of the company referable to the accounting period (see sections 77, 81 and 82).

In making the calculation ignore so much of those expenses as is deductible under other relevant rules (see section 78(2)).

If the company is an overseas life insurance company, see also section 96.

Step 2

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