Commentary

D7.4105 Old protection business

Corporate tax
Corporate tax | Commentary

D7.4105 Old protection business

Corporate tax | Commentary

Specific transitional provisions

D7.4105 Old protection business

Following the decision to tax protection business on a profits basis from 1 January 2013 it is open to companies writing products which are wholly protection business to elect that all their business written before that date (which was taxed as BLAGAB under the pre-2013 regime) should be taxed as if the new regime applied.

Such an election may be made if:

  1.  

    (a)     a company carries on business that would have been BLAGAB under the previous regime in its first accounting period to which the new regime applies

  2.  

    (b)     that business consists wholly

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