Commentary

D7.5124 Notional trading profits

Corporate tax
Corporate tax | Commentary

D7.5124 Notional trading profits

Corporate tax | Commentary

D7.5124 Notional trading profits

The rules in this division apply for accounting periods beginning before 1 January 2013. For accounting periods beginning on or after 1 January 2013 see Division D7.4.

The use of the term 'notional trading profits' ('notional Case I' before the enactment of CTA 2009) indicates that in the majority of cases the reason for the calculation of a life insurance company's profits under the life assurance trade profit provisions is not to arrive at a profit chargeable to tax but for use as a component in a number of other circumstances set out in D7.596.

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