Related Commentary  Related HMRC Manuals

98(1)  This section makes provision for determining–

(a)the credits or other income and the debits or other losses arising from the company's long-term business, and

(b)the expenses incurred in the course of the company's long-term business,

that, for the purposes of Chapter 3, are to be regarded as referable to its basic life assurance and general annuity business.

98(2)  Those items are to be determined in accordance with an acceptable commercial method adopted by the company for the period of account in which the income or losses arise or the expenses are incurred.

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