Trading basis

Where the profits of an insurance company arising from its life assurance business, or from any category of that business, are computed in the same way as trading profits and not on the ‘I minus E’ basis then, with regard to those profits, the insurance company (CTA 2009, s. 1159):

(1)cannot make an election to treat any capital expenditure that is in its qualifying land remediation expenditure as revenue expenditure; and

(2)is not entitled to land remediation relief.

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