[371BH Companies carrying on BLAGAB]
Taxation (International and Other Provisions) Act 2010 (2010 c 8) | Legislation

[371BH  Companies carrying on BLAGAB]

[(1)     Subsection (2) applies in relation to a chargeable company (“CC”) if—

(a)     CC carries on basic life assurance and general annuity business during the relevant corporation tax accounting period,

(b)     the I-E rules apply to CC for the relevant corporation tax accounting period, and

(c)     the following are met in relation to a relevant interest, or a part of a relevant interest, which CC has in the CFC at all times during the CFC's accounting period—

(i)     condition D,

(ii)     condition E or F (or both), and

(iii)     condition G.

(2)     An additional sum is charged on CC at step 5 in section 371BC(1) and, for this purpose, step 5 is to be taken on the following basis.

(3)     That basis is—

(a)     in paragraph (a) at step 5, the reference to the appropriate rate is to be read as a reference to—

(i)     the policyholders' rate of tax

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