Commentary

D7.425 General principles

Corporate tax
Corporate tax | Commentary

D7.425 General principles

Corporate tax | Commentary

Calculation of long-term business profits

D7.425 General principles

The rules in this division apply for accounting periods beginning on or after 1 January 2013. For accounting periods beginning before 1 January 2013 see Division D7.5.

Although the calculation of trade profits for both BLAGAB and non-BLAGAB business use the statutory accounts as their starting point, there are certain specific rules which reflect the unique nature of long-term insurance1.

Furthermore the calculation of the BLAGAB trade profit is subject to further specific rules that apply only to it (see D7.467)2.

As with all companies, losses

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