FA00/S107 (7) defines certain of the terms used in the legislation.

‘Period of account’: the rules operate by reference to a ‘period of account’. This means a period for which accounts of the business are drawn up, and in nearly all cases will be identical with the accounting period for which the company assesses itself for corporation tax. In relation to Lloyd's it means an underwriting year in which profits are declared. The application of the rules to Lloyd's is dealt with in Chapter 3 of the Lloyd's Manual.

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