(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.

(2)In that case, there is for the accounting period to be no separate business consisting of the company’s basic life assurance and general annuity business.

(3)There is instead to be one business that is to be regarded for corporation tax purposes as a single trade of the company consisting of its long-term business.

(4)That single trade is to be regarded as “non-BLAGAB long-term business” for the purposes of this Part.

(5)Accordingly, references in this Part (apart from in section 66 and this section) to a company’s basic life assurance and general annuity business do not include any business which, as a result of this section, is regarded as non-BLAGAB long-term business.