Related Commentary  Related HMRC Manuals

103(1)  This section has effect for the interpretation of sections 99 to 101.

103(2)  The “total income” of the category of business concerned for any period of account is the amount (if any) by which–

(a)the sum of the amounts specified in subsection (3),

exceeds–

(b)the sum of the amounts specified in subsection (4).

103(3)  The amounts mentioned in subsection (2)(a) are–

(a)earned premiums, net of reinsurance,

(b)investment income and gains, and

(c)other technical income, net of reinsurance.

103(4)  The amounts mentioned in subsection (2)(b) are–

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