LegalizeFinance Act 2012
- (6) Any BLAGAB trade loss relieved for an accounting period (see section 78(5)) that is referable to the re-insured business is to be included (as a deduction in Step 4 in section 76) in determining the adjusted BLAGAB management expenses of the re-insurer for the accounting period (which, accordingly, may result in the I-E profit referable to that business for the accounting period being greater than nil).
- (7) Nothing in this section is to be taken to affect the liability of the cedant to corporation tax.
- (8) For the purposes of this section “arrangements” includes any agreement, scheme, transaction or understanding (whether or not legally enforceable).
- (9) Section 1122 of CTA 2010 (connected persons) has effect for the purposes of this section.
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