Corporation Tax Act 2009 section 386

Overview of Chapter

Section 386 provides an overview of the special loan relationship rules that apply to insurance companies and signposts other relevant provisions found elsewhere in the legislation.

• Special rules apply to non-trading deficits of insurance companies carrying on basic life assurance and general annuity business (BLAGAB), replacing the standard deficit rules
• Certain loan relationships of corporate members of Lloyd's are excluded from the general loan relationships rules
• Additional insurance-specific provisions address matters such as mutual insurance business, group transfers, connected party rules, and foreign exchange treatment
• BLAGAB stands for basic life assurance and general annuity business, and this category drives many of the special rules throughout the chapter