[22 March 1995]

1. This statement sets out the approach that HM Revenue and Customs adopts to the computation of the trading profit of companies and friendly societies carrying on long term insurance business when those insurers draw up their accounts in accordance with company law implementing the European Community’s Insurance Accounts Directive [the IAD]. It applies to any computation made in accordance with the statutory provisions applicable to Case I of Schedule D. It is not concerned with the measurement of income, capital gains or expenses in the so-called “I minus E” computation.

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