Where an insurer carries on regulated long-term insurance business through a place of business in the UK the special rules in Part 2 FA12 will apply to determine the taxable profits of that business, unless that business consists solely of PHI as defined in FA12/S63.

FA12/S66 introduces the concept of separate businesses, where a company writes both BLAGAB and non-BLAGAB long-term business.

BLAGAB

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