D1.520 Life assurance business—availability of land remediation relief
Special provision is made for life insurance companies, because the way they are taxed differs from the way most other companies are taxed. The taxation of life insurance companies was revised for accounting periods beginning on or after 1 January 2013 with transitional provisions applying for accounting periods straddling that date; seeDivision D7.4.
Accounting periods beginning before 1 January 2013
The above rules still apply with some modifications. They now apply to a company which is taxed in respect of its basic life assurance and general annuity business (BLAGAB) in accordance with the I-E rules1 (see D7.407).
The provisions allowing the deduction of BLAGAB management expenses (see D7.459–D7.460) are amended so that they extend to amounts in respect of which relief is given under these provisions2.
Where profits arising to an insurance company from life assurance
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