96(1) Subsection (4) applies if credit for foreign tax–
(a)which is payable in respect of insurance business carried on by a company through a permanent establishment in the non-UK territory, and
(b)which is calculated otherwise than wholly by reference to profits arising in the non-UK territory,
is to be allowed (in accordance with this Part) against corporation tax charged under section 35 of CTA 2009 in respect of the profits of non-BLAGAB long-term business carried on by the company in an accounting period (in this section called “the relevant UK-taxable profits”).
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