This section sets out how to calculate the cap on the set-off of carried forward losses against total profits for an insurer carrying on BLAGAB. These rules apply after 5 July 2018. LAM15400 deals with the calculation for the period between 1 April 2017 and 5 July 2018.

Carried forward BLAGAB trade losses are a relevant deduction under CTA10/S269ZD(3) but they must be set as far as possible against BLAGAB trade profits FA12/S124A/S124C (6) before they can be set-off against total profits (FA12/S124B(3), surrendered as group relief (CTA10/S188BB) or carried forward to a subsequent period FA12/S124A(2), FA12 /S124C(3).

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