Source: http://www.legislation.gov.uk/ukpga/2012/14/enacted
Timestamp: 2015-03-05 23:29:23
Document Index: 700881940

Matched Legal Cases: ['ART 1', 'art 3', 'art 4', 'art 4', 'art 4', 'art 4', 'art 12', 'art 17', 'art 5', 'art 23', 'art 2', 'art 2', 'ART 2', 'art55', 'art—\n65']

Skip to main contentSkip to navigationlegislation.gov.ukThe National ArchivesHelpSite MapAccessibilityContact UsCymraegHomeAbout UsBrowse LegislationNew LegislationChanges To LegislationSearch LegislationSearch LegislationTitle: (or keywords in the title)Year:Number:Type:All Legislation (excluding draft)All Primary Legislation UK Public General Acts UK Local Acts Acts of the Scottish Parliament Acts of the National Assembly for Wales Measures of the National Assembly for Wales Church Measures Acts of the Northern Ireland Assembly Acts of the Old Scottish Parliament Acts of the English Parliament Acts of the Old Irish Parliament Acts of the Parliament of Great Britain Northern Ireland Orders in Council Measures of the Northern Ireland Assembly Acts of the Northern Ireland ParliamentAll Secondary Legislation UK Statutory Instruments Wales Statutory Instruments Scottish Statutory Instruments Northern Ireland Statutory Rules Church Instruments UK Ministerial Orders UK Statutory Rules and OrdersAll Draft Legislation UK Draft Statutory Instruments Scottish Draft Statutory Instruments Northern Ireland Draft Statutory RulesAll Impact Assessments UK Impact AssessmentsSearchAdvanced SearchFinance Act 2012You are here:2012 c. 14Whole ActTable of ContentsContentExplanatory NotesMore ResourcesPreviousNextPlain ViewPrint OptionsWhat VersionLatest available (Revised)Original (As enacted)Advanced FeaturesShow Explanatory Notes for Sections Opening OptionsOpen whole ActOpen Act without schedulesOpen Schedules onlyMore ResourcesOriginal Print PDFView moreStatus:This is the original version (as it was originally enacted).Finance Act 20122012 CHAPTER 14An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with finance.[17th July 2012] Most Gracious Sovereign
WE, Your Majesty’s most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty’s public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and to grant unto Your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:— PART 1Income tax, corporation tax and capital gains taxCHAPTER 1Income tax and corporation tax charges and rate bandsIncome tax1Charge for 2012-13 and rates for 2012-13 and subsequent tax years(1)Income tax is charged for the tax year 2012-13, and for that tax year—
2Basic rate limit for 2012-13(1)For the tax year 2012-13 the amount specified in section 10(5) of ITA 2007 (basic rate limit) is replaced with “£34,370”.
3Personal allowance for 2012-13 for those aged under 65(1)For the tax year 2012-13 the amount specified in section 35(1) of ITA 2007 (personal allowance for those aged under 65) is replaced with “£8,105”.
4Personal allowances from 2013(1)Chapter 2 of Part 3 of ITA 2007 (personal allowance etc) is amended in accordance with subsections (2) to (6).
Corporation tax5Main rate of corporation tax for financial year 2012(1)In section 5(2)(a) of FA 2011 (main corporation tax rate for financial year 2012 on profits other than ring fence profits), for “25%” substitute “24%”.
6Charge and main rate for financial year 2013(1)Corporation tax is charged for the financial year 2013.
7Small profits rate and fractions for financial year 2012(1)For the financial year 2012 the small profits rate is—
CHAPTER 2Income tax: generalChild benefit8High income child benefit chargeSchedule 1 contains provision for and in connection with a high income child benefit charge.
Anti-avoidance9Post-cessation trade or property relief: tax-generated payments or events(1)Part 4 of ITA 2007 (loss relief) is amended as follows.
“98ADenial of relief for tax-generated payments or events(1)Post-cessation trade relief is not available to a person in respect of a payment or an event which is made or occurs directly or indirectly in consequence of, or otherwise in connection with, relevant tax avoidance arrangements (and, accordingly, no section 261D claim may be made in respect of the payment or event).
10Property loss relief against general income: tax-generated agricultural expenses(1)Chapter 4 of Part 4 of ITA 2007 (losses from property businesses) is amended as follows.
“127BNo relief for tax-generated agricultural expenses(1)This section applies if—
11Gains from contracts for life insurance etc(1)In Chapter 9 of Part 4 of ITTOIA 2005 (gains from contracts for life insurance etc), after section 473 insert—
“473AConnected policies or contracts treated as single policy or contract(1)Policies or contracts which are connected with each other are treated as a single policy or contract for the purposes of this Chapter.
12Settlements: income originating from settlors other than individuals(1)ITTOIA 2005 is amended as follows.
Reliefs13Champions League final 2013(1)No liability to income tax arises in respect of any income from the 2013 Champions League final that arises to a person who is—
(a)under the terms of a contract with the team, or
(b)under the terms of a contract, or that individual’s employment, with a company which is a member of the same group of companies as the team (within the meaning given by section 152 of CTA 2010);
14Cars: security features not to be regarded as accessories(1)ITEPA 2003 is amended as follows.
“125ASecurity features not to be regarded as accessories(1)This section applies where a car made available to an employee has a relevant security feature.
15Termination payments to MPs ceasing to hold office(1)In section 291 of ITEPA 2003 (exemptions: termination payments to MPs and others ceasing to hold office), for subsection (2)(a) substitute—
16Employment income exemptions: armed forces(1)Chapter 8 of Part 4 of ITEPA 2003 (exemptions: special kinds of employees) is amended as follows.
“297CArmed forces: Continuity of Education Allowance(1)No liability to income tax arises in respect of payments of the Continuity of Education Allowance to or in respect of members of the armed forces of the Crown during their employment under the Crown or after their deaths.
Other provisions17Taxable benefits: “the appropriate percentage” for cars for 2014-15(1)In section 139 of ITEPA 2003 (car with a CO2 emissions figure: the appropriate percentage), for subsections (2) and (3) substitute—
18Qualifying time deposits(1)In section 866 of ITA 2007 (qualifying time deposits), in subsection (1), after “deposit” insert “made before 6 April 2012”.
CHAPTER 3Corporation tax: generalSupport for business19Profits arising from the exploitation of patents etcSchedule 2 contains provision about the treatment for corporation tax purposes of profits arising from the exploitation of patents etc.
20Relief for expenditure on R&DSchedule 3 contains provision about corporation tax relief for expenditure on research and development.
21Real estate investment trustsSchedule 4 amends Part 12 of CTA 2010 (real estate investment trusts).
Anti-avoidance22Treatment of the receipt of manufactured overseas dividends(1)Part 17 of CTA 2010 (manufactured payments and repos) is amended as follows.
23Loan relationships: debts becoming held by connected company(1)Chapter 6 of Part 5 of CTA 2009 (loan relationships: connected companies and impairment losses and releases of debt) is amended as follows.
(a)in any case where C was a party to the loan relationship as creditor on the last day of the period of account ending immediately before the one in which C and D became connected, the cost of the asset representing the loan relationship which would be given on that day on an amortised cost basis of accounting, and
(b)in any other case, the amount or value of any consideration given by C for the acquisition of the asset representing the loan relationship.”, and”
“363AArrangements for avoiding section 361 or 362(1)This section applies in any case where arrangements are entered into and the main purpose, or one of the main purposes, of any party in entering into them (or any part of them) is—
24Companies carrying on businesses of leasing plant or machinery(1)CTA 2010 is amended as follows.
“394ZACompany joining tonnage tax groupThere is a relevant change in the relationship between A and a principal company of A on any day if—
Insurance25Corporate members of Lloyd’s: stop-loss insurance and quota share contracts(1)In section 225 of FA 1994 (corporate members of Lloyd’s: stop-loss and quota share insurance), after subsection (3B) insert—
26Abolition of relief for equalisation reserves: general insurers(1)Sections 444BA to 444BD of ICTA (equalisation reserves) are repealed.
27Election to accelerate receipts under s.26(4)(1)An insurance company may make an election in relation to a calendar year (“the relevant year”) for all of the amounts that would, as a result of section 26(4), otherwise be treated as arising in later calendar years as receipts of a business carried on by the company to be treated instead as receipts of the business arising in the relevant year.
28Deemed receipts under s.26(4): double taxation relief(1)This section applies if—
(a)section 444BA of ICTA has applied in relation to the accounting period,
(b)the business mentioned in subsection (1)(a) has been carried on through the permanent establishment in the accounting period, and
(c)the accounting period is the company’s last accounting period in relation to which section 444BA of ICTA applied or is one that falls wholly or partly in the period of six years ending with the day on which that last accounting period ended.
29Transfer of whole or part of the business(1)If—
30Abolition of relief for equalisation reserves: Lloyd’s corporate members etc(1)Regulations made by the Treasury under section 47 of FA 2009 (equalisation reserves for Lloyd’s corporate and partnership members) that revoke previous regulations made under that section may include provision corresponding to the provision made by sections 26(4) to (8) and 27, subject to such modifications as may be made in the regulations.
Miscellaneous31Tax treatment of financing costs and incomeSchedule 5 contains provision about the tax treatment of financing costs and income.
32Group relief: meaning of “normal commercial loan”(1)CTA 2010 is amended as follows.
33Company distributions(1)Part 23 of CTA 2010 (company distributions) is amended as follows.
CHAPTER 4Capital gains34Annual exempt amount(1)TCGA 1992 is amended as follows.
35Foreign currency bank accounts(1)TCGA 1992 is amended as follows.
“252Foreign currency bank accounts(1)Section 251(1) does not apply in relation to a gain accruing to a person on a disposal of a foreign currency debt (or an interest in such a debt) unless that person is—
36Collective investment schemes: chargeable gains(1)TCGA 1992 is amended as follows.
“103CPower to make regulations about collective investment schemes(1)The Treasury may by regulations make provision about the treatment of participants in collective investment schemes for the purposes of this Act.
37Roll-over relief(1)In section 155 of TCGA 1992 (roll-over relief: relevant classes of assets), in the entry for Class 7A, for “Council Regulation (EC) No. 1782/2003” substitute “Council Regulation (EC) No 73/2009”.
CHAPTER 5MiscellaneousEnterprise incentives38Seed enterprise investment schemeSchedule 6 contains provision for and in connection with the seed enterprise investment scheme (including provision for re-investment relief under TCGA 1992).
39Enterprise investment schemeSchedule 7 contains provision about the enterprise investment scheme (including provision about deferral relief under Schedule 5B to TCGA 1992).
40Venture capital trustsSchedule 8 contains provision about venture capital trusts.
Capital allowances41Plant and machinery: restricting exception for manufacturers and suppliers(1)In section 230 of CAA 2001 (exception for manufacturers and suppliers), in subsection (1), for “restrictions in sections 217 and 218 do” substitute “restriction in section 218 does”.
42Plant and machinery allowances: anti-avoidanceSchedule 9 contains provision to counter abuse of Part 2 of CAA 2001.
43Plant and machinery allowances: fixturesSchedule 10 contains provision about plant and machinery allowances in respect of fixtures.
44Expenditure on plant and machinery for use in designated assisted areasSchedule 11 contains provision about first-year allowances in respect of expenditure on plant and machinery for use in designated assisted areas.
45Allowances for energy-saving plant and machinery(1)Part 2 of CAA 2001 (plant and machinery allowances) is amended as follows.
“45AASection 45A exclusion: payments under Energy Act 2008 schemes(1)Expenditure incurred on or after the relevant date on plant or machinery is to be treated as never having been first-year qualifying expenditure under section 45A if—
46Plant and machinery: long funding leases(1)Section 70E of CAA 2001 (disposal events and disposal values) is amended as follows.
Foreign income and gains47Foreign income and gainsSchedule 12 contains provision about the taxation of foreign income and gains.
Pensions48Employer asset-backed pension contributions etcSchedule 13 contains—
Charitable giving etc49Gifts to the nationSchedule 14 contains provision for a person’s tax liability to be reduced in return for giving pre-eminent property to the nation.
50Gift aid: giving through self-assessment return(1)Section 429 of ITA 2007 (gift aid: giving through self-assessment return) is repealed.
51Relief for gift aid and other income of charities etcSchedule 15 contains provision about relief in respect of gifts qualifying for gift aid relief and other income of charities and other bodies.
52Meaning of “community amateur sports club”(1)In section 658 of CTA 2010 (meaning of “community amateur sports club”), for subsection (1) substitute—
Other provisions53Site restoration payments(1)In section 168 of ITTOIA 2005 (site restoration payments), at the beginning of subsection (2) insert “Subject to subsection (3A),”.
54Changes of accounting policy(1)In section 227 of ITTOIA 2005 (adjustment on change of accounting basis: income tax)—
PART 2Insurance companies carrying on long-term businessCHAPTER 1IntroductoryOutline of provisions of Part55Overview(1)This Part makes special provision for corporation tax purposes in relation to life assurance business and other long-term business carried on by insurance companies.
Meaning of “life assurance business”56Meaning of “life assurance business”(1)This section defines for the purposes of this Part what is meant by “life assurance business”.
Meaning of “basic life assurance and general annuity business”57Meaning of “basic life assurance and general annuity business”(1)This section defines for the purposes of this Part what is meant by “basic life assurance and general annuity business”.
58Section 57: meaning of “pension business”(1)This section defines for the purposes of the definition of “basic life assurance and general annuity business” given by section 57 what is meant by “pension business”.
59Section 57: meaning of “child trust fund business”(1)This section defines for the purposes of the definition of “basic life assurance and general annuity business” given by section 57 what is meant by “child trust fund business”.
60Section 57: meaning of “individual savings account business”(1)This section defines for the purposes of the definition of “basic life assurance and general annuity business” given by section 57 what is meant by “individual savings account business”.
61Section 57: meaning of “overseas life assurance business”(1)This section defines for the purposes of the definition of “basic life assurance and general annuity business” given by section 57 what is meant by “overseas life assurance business”.
62Section 57: meaning of “protection business”(1)This section defines for the purposes of the definition of “basic life assurance and general annuity business” given by section 57 what is meant by “protection business”.
Meaning of “long-term business” and “PHI business”63Meaning of “long-term business” and “PHI business”(1)For the purposes of this Part “long-term business” means—
Meaning of contract of “insurance” or “long-term insurance” and “insurance company”64Meaning of “contract of insurance” and “contract of long-term insurance”For the purposes of this Part—
65Meaning of “insurance company”(1)This section defines for the purposes of this Part what is meant by an “insurance company”.
CHAPTER 2Charge to tax on I - E basis etcSeparate businesses etc66Separate businesses for BLAGAB and other long-term business(1)If an insurance company carries on—
67Exception where BLAGAB small part of long-term business(1)There is an exception to the general rule set out in section 66(1) if for an accounting period of an insurance company substantially all of its long-term business is not basic life assurance and general annuity business.
BLAGAB taxed on I - E basis68Charge to tax on I - E profit(1)The charge to corporation tax applies to the I - E profit of the basic life assurance and general annuity business carried on by an insurance company.
69Exclusion of charge under s.35 of CTA 2009 etcThe charge to corporation tax under section 68 has effect instead of—
70Rules for calculating I - E profit or excess BLAGAB expenses(1)The rules set out in Chapter 3 determine whether for an accounting period an insurance company carrying on basic life assurance and general annuity business has an I - E profit or excess BLAGAB expenses (and, if so, the amount of the profit or expenses).
Non-BLAGAB long-term business71Charge to tax on profits of non-BLAGAB long-term business(1)The charge to corporation tax on income under section 35 of CTA 2009 (charge to tax on trade profits) applies to the profits of non-BLAGAB long-term business carried on by an insurance company.
PHI only business72Companies carrying on only PHI businessNothing in—
CHAPTER 3The I - E basisIntroduction73The I - E basisThis section sets out rules, in relation to the basic life assurance and general annuity business carried on by an insurance company, for determining whether the company has an I - E profit or excess BLAGAB expenses for an accounting period (and, if so, the amount of the profit or expenses).
Definitions of expressions comprising “I”74Meaning of “income”(1)In section 73 “income”, in relation to an insurance company, means the following income or credits so far as arising from the company’s long-term business—
75Meaning of “BLAGAB chargeable gains” etc(1)This section explains for the purposes of section 73 how to calculate the BLAGAB chargeable gains of the company for the accounting period as adjusted for allowable losses.
(a)that accrue to the company in the accounting period from the disposal of assets held for the purposes of the company’s long-term business, and
(b)that are referable, in accordance with Chapter 4, to its basic life assurance and general annuity business.
(a)any allowable losses that accrue to the company in the accounting period from the disposal of assets held for the purposes of the company’s long-term business and that are so referable, and
(b)so far as not previously deducted from any chargeable gains, any allowable losses that accrued to the company in a previous accounting period from the disposal of assets held for the purposes of the company’s long-term business and that were so referable.
Definitions of expressions comprising “E”76Meaning of “adjusted BLAGAB management expenses”This section explains for the purposes of section 73 how to calculate the adjusted BLAGAB management expenses of the company for the accounting period.
77Section 76: meaning of “ordinary BLAGAB management expenses” etc(1)This section explains for the purposes of section 76 what is meant by the “ordinary BLAGAB management expenses of the company referable to the accounting period”.
78Section 76: meaning of other expressions(1)This section explains for the purposes of section 76 what is meant by—
79Spreading of acquisition expenses(1)This section applies if the ordinary BLAGAB management expenses of an insurance company referable to an accounting period for the purposes of section 76 include acquisition expenses (as defined by section 80) incurred in the accounting period.
80Section 79: meaning of “acquisition expenses”(1)This section explains for the purposes of section 79 what is meant by “acquisition expenses”.
81Amounts treated as ordinary BLAGAB management expenses(1)This section applies in relation to amounts which meet the conditions in section 77(2)(a) and (b).
82Restrictions in relation to ordinary BLAGAB management expenses(1)This section applies in relation to an amount which is (or, but for this section, would be) regarded for the purposes of section 76 as an ordinary BLAGAB management expense of an insurance company.
83General annuity business(1)This section applies if an insurance company pays qualifying BLAGAB annuities in an accounting period.
84General annuity business: meaning of “steep-reduction annuity” etc(1)For the purposes of section 83 an annuity is a “steep-reduction annuity” if—
85General annuity business: payments made in pre-1992 accounting periods(1)If—
Special rules applying to I - E basis86Separate property businesses for BLAGAB etc(1)This section modifies the rules in sections 208 and 209 of CTA 2009 (basic meaning of UK and overseas property business) for the purpose of applying the I - E rules in relation to an insurance company.
87Losses from property businesses where land held for long-term business(1)This section applies for the purpose of applying the I - E rules in relation to an insurance company if, in an accounting period, the company makes a loss in any of its separate UK property businesses or overseas property businesses within section 86(4).
88Loan relationships, derivative contracts and intangible fixed assets(1)This section applies if an insurance company has—
89Miscellaneous income and losses(1)In the application of the I - E rules for an accounting period in relation to an insurance company’s basic life assurance and general annuity business, BLAGAB miscellaneous income of the company for the period is to count as income for the purposes of those rules only in so far as it exceeds BLAGAB miscellaneous losses of the company for the period.
(a)is chargeable under any provision to which section 1173 of CTA 2010 (miscellaneous charges) applies other than section 752 of CTA 2009 (non-trading gains on intangible fixed assets), and
(b)is referable, in accordance with Chapter 4, to the company’s basic life assurance and general annuity business, and
(a)arise from miscellaneous transactions, and
(b)are referable, in accordance with Chapter 4, to the company’s basic life assurance and general annuity business.
90Investment return where risk in respect of policy or contract re-insured(1)This section applies if an insurance company re-insures any risk in respect of a policy or contract attributable to its basic life assurance and general annuity business.
91Regulations under section 90(4): supplementary provision(1)This section applies to regulations under section 90(4).
Deemed I - E receipts92Certain BLAGAB trading receipts to count as deemed I - E receipts(1)This section applies if—
Minimum profits charge93Minimum profits test(1)This section applies if an insurance company has a BLAGAB trade profit for an accounting period.
94Adjustment of I - E profit or excess BLAGAB expenses(1)This section applies if the BLAGAB trade profit for the accounting period includes non-taxable distributions receivable by the company in that period that are referable, in accordance with Chapter 7, to the company’s basic life assurance and general annuity business.
Non-BLAGAB allowable losses95Use of non-BLAGAB allowable losses to reduce I - E profit(1)This section applies if—
Overseas life insurance companies96Expenses referable to exempt FOTRA profits(1)This section applies if the profits for an accounting period of the basic life assurance and general annuity business carried on by an overseas life insurance company in the United Kingdom consist of or include exempt FOTRA profits.
CHAPTER 4Apportionment rules for I - E chargeIntroduction97Application of Chapter(1)This Chapter applies in the case of an insurance company that carries on—
Allocation of income, losses and expenses98Commercial allocation(1)This section makes provision for determining—
Allocation of chargeable gains and allowable losses on disposals of assets99Application of sections 100 and 101(1)Sections 100 and 101 apply for determining the chargeable gains or allowable losses that, for the purposes of Chapter 3, are to be regarded as referable to a company’s basic life assurance and general annuity business whenever it disposes of assets held for the purposes of its long-term business (including cases where, as a result of Chapter 8 or any other provision of the Corporation Tax Acts, it is deemed to make a disposal).
100Assets wholly or partly matched to BLAGAB liabilities(1)If, immediately before the disposal, the whole of the asset was matched to a BLAGAB liability, the whole of the gain or loss is referable to the company’s basic life assurance and general annuity business.
101Commercial allocation for disposals not wholly dealt with by section 100(1)This section applies if, in the case of the disposal—
CHAPTER 5I - E profit: policyholders’ rate of taxTax rate on policyholders’ share of I - E profit102Policyholders’ rate of tax on policyholders’ share of I - E profit(1)This section applies if an insurance company has an I - E profit for an accounting period.
103Rules for determining policyholders’ share of I - E profit(1)This section determines for the purposes of section 102 the policyholders’ share of the I - E profit of an insurance company for an accounting period.
104Meaning of “the adjusted amount”(1)This section explains for the purposes of section 103 what is meant by the adjusted amount of the BLAGAB trade profit.
105Meaning of “BLAGAB non-taxable distributions” and “shareholders’ share”(1)This section explains for the purposes of section 104 what is meant by—
Policyholder tax and calculation of BLAGAB trade profit or loss106Deduction for current policyholder tax(1)This section applies for the purpose of calculating the BLAGAB trade profit or loss for an accounting period of any basic life assurance and general annuity business carried on by an insurance company in a case where the company has an I - E profit for that period.
107Expenses or receipts for deferred policyholder tax(1)This section applies for the purpose of calculating the BLAGAB trade profit or loss for a period of account of any basic life assurance and general annuity business carried on by an insurance company.
108Meaning of “the closing deferred policyholder tax balance” etc(1)For the purposes of section 107 “the closing deferred policyholder tax balance for a period of account” means so much of the closing amount shown, in accordance with generally accepted accounting practice, in the accounts of the company for that period in respect of deferred tax as is wholly attributable to policyholder tax.
CHAPTER 6Trade calculation rules applying to long-term business109Application of Chapter(1)The rules contained in this Chapter have effect for the purpose of—
110Allocations to policyholders(1)In calculating the profits for an accounting period, a deduction is allowed for any amount which is allocated to policyholders or annuitants in respect of the accounting period.
111Dividends and other distributions(1)Dividends or other distributions—
112Index-linked gilt-edged securities(1)If, for an accounting period, a company has a loan relationship which is represented by an index-linked gilt-edged security, sections 400 to 400C of CTA 2009 (adjustments for changes in index) are not to apply in calculating the profits for the accounting period.
113Receipts or expenses relating to long-term business fixed capitalReceipts or expenses which arise from an asset forming part of the long-term business fixed capital of the company are to be left out of account in calculating the profits.
CHAPTER 7Trading apportionment rules114Application of Chapter(1)This Chapter applies in the case of an insurance company which, as a result of section 66, has—
115Commercial allocation of accounting profit or loss and tax adjustments(1)The accounting profit or loss, and the tax adjustments, are to be allocated between the two separate businesses in accordance with an acceptable commercial method adopted by the company.
CHAPTER 8Assets held for purposes of long-term businessTransfers of assets from different categories116UK life insurance companies(1)If, at any time in a period of account of a UK life insurance company, an asset (or a part of an asset) held by the company—
117Overseas life insurance companies: rule corresponding to s.116(1)If, at any time in a period of account of an overseas life insurance company, an asset (or a part of an asset) held by the company—
118Transfers of business and transfers within a group(1)If—
Share pooling rules119UK life insurance companies(1)If the assets of a UK life insurance company include securities of a class all of which would, but for this section, be regarded as one holding for the purposes of corporation tax on chargeable gains, the following pooling rules apply instead for those purposes—
120Overseas life insurance companies: rule corresponding to s.119(1)If the assets of an overseas life insurance company include securities of a class all of which would, but for this section, be regarded as one holding for the purposes of corporation tax on chargeable gains, the following pooling rules apply instead for those purposes—
121Sections 119 and 120: supplementary(1)The applicable pooling rules also apply if the assets of the company in question include securities of a class and but for this section—
Long-term business fixed capital122Assets forming part of long-term business fixed capitalFor the purposes of this Chapter assets that form part of the long-term business fixed capital of an insurance company are to be regarded as assets held by the company otherwise than for the purposes of its long-term business.
CHAPTER 9Relief for BLAGAB trade losses etcThe reliefs123Relief for BLAGAB trade losses against total profits(1)Section 37 of CTA 2010 (relief for trade losses against total profits) is to apply in relation to a BLAGAB trade loss for an accounting period as it applies in relation to any other loss made in a trade for an accounting period.
124Carry forward of BLAGAB trade losses against subsequent profits(1)This section applies if an insurance company carrying on basic life assurance and general annuity business makes a BLAGAB trade loss for an accounting period.