Part 4 Insurance Companies: Carrying Forward BLAGAB Trade Losses
Finance (No 2) Act 2017 (2017 c 32) | Legislation

Part 4 Insurance Companies: Carrying Forward BLAGAB Trade Losses

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Chapter 9 of Part 2 of FA 2012 (relief for BLAGAB trade losses) is amended as follows.

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(1)     Section 124 (carry forward of BLAGAB trade losses against subsequent profits) is amended as follows.

(2)     In the heading, after “of†insert “pre-1 April 2017â€.

(3)     In subsection (1), after “accounting period†insert “beginning before 1 April 2017â€.

(4)     In subsection (5), at the end insert “(but see also section 124D)â€.

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After section 124 insert—

“124A Carry forward of post-1 April 2017 BLAGAB trade losses against subsequent profits

(1)     This section applies if—

(a)     an insurance company carrying on basic life assurance and general annuity business makes a BLAGAB trade loss for an accounting period beginning on or after 1 April 2017 (“the loss-making periodâ€),

(b)     relief under—

section 37 of CTA 2010 (as applied by section 123), or

Part 5 of CTA 2010 (group relief) (as applied by section 125),

is not given for an amount of the loss (“the unrelieved amountâ€), and

(c)     the company continues to carry on basic life assurance and general annuity business in the next accounting period (“the later periodâ€).

(2)

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