Part 2 Specific Transitional Provisions
Finance Act 2012 (2012 c 14) | Legislation

Part 2 Specific Transitional Provisions

Insurance company with BLAGAB consisting wholly of protection business

21

(1)     This paragraph applies if—

(a)     in its first accounting period to which this Part applies an insurance company carries on business which, under the old law, would have been basic life assurance and general annuity business,

(b)     the business in question consists wholly of the effecting or carrying out of contracts of long-term insurance in relation to which the condition in section 62(2)(a) is met, and

(c)     some or all of the contracts are made before 1 January 2013.

(2)     On or before the filing date for that accounting period, the company may make an election for the contracts made before that date to be treated for the purposes of section 62 as if they were made on or after that date.

(3)     Accordingly, no relief is available for any amount that, but for the election, would have constituted excess BLAGAB expenses for that accounting period.

(4)     The election has effect for the first accounting period of the company to which this Part applies and all subsequent accounting periods.

(5)     The election is irrevocable.

(6)     In this paragraph—

“the filing dateâ€,

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