PART 2Insurance companies carrying on long-term business
CHAPTER 2Charge to tax on I - E basis etc
BLAGAB taxed on I - E basis
70Rules for calculating I - E profit or excess BLAGAB expenses
1
The rules set out in Chapter 3 determine whether for an accounting period an insurance company carrying on basic life assurance and general annuity business has an I - E profit or excess BLAGAB expenses (and, if so, the amount of the profit or expenses).
2
Those rules are referred to in this Part as “the I - E rules”.
3
The calculation of the I - E profit or excess BLAGAB expenses is to operate by reference to the amounts that are credited or debited in the accounts of the company for a period of account drawn up in accordance with generally accepted accounting practice.
4
But, in the case of amounts of a particular description, that is subject to any provision which (whether expressly or by implication) provides for that calculation to operate by reference to something else.
5
For the meaning of “excess BLAGAB expenses”, see section 73.