98 Commercial allocation
Finance Act 2012 (2012 c 14) | Legislation

Allocation of income, losses and expenses

98  Commercial allocation

(1)     This section makes provision for determining—

(a)     the credits or other income and the debits or other losses arising from the company's long-term business, and

(b)     the expenses incurred in the course of the company's long-term business,

that, for the purposes of Chapter 3, are to be regarded as referable to its basic life assurance and general annuity business.

(2)     Those items are to be determined in accordance with an acceptable commercial method adopted by the company for the period of

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