[210A Ring-fencing of losses]
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

[210A  Ring-fencing of losses]

[(1)     [Section 2A(1)] has effect in relation to insurance companies subject to the provisions of this section.

[(2)     Non-BLAGAB allowable losses accruing to an insurance company are allowable as a deduction from the shareholders' share (if any) of the BLAGAB chargeable gains accruing to the company [as permitted by subsection (2A)] (but are not otherwise allowable as a deduction from the BLAGAB chargeable gains accruing to the company).]

[(2A)     The following deductions may be made from the shareholders' share of the BLAGAB chargeable gains accruing to the company in an accounting period—

(a)     any available non-BLAGAB allowable losses accruing to the company in the period may be deducted under section 2A(1)(a), and

(b)     after making any deductions within paragraph (a), any available non-BLAGAB allowable losses previously accruing to the company, which have not been allowed as a deduction from chargeable gains accruing in the period or in any previous accounting period, may (subject to section 269ZFC of CTA 2010) be deducted under section 2A(1)(b).

(2B)     But those deductions may not reduce the shareholders' share of BLAGAB chargeable gains below nil.

(2C)     The amount of “available non-BLAGAB allowable losses” accruing to a company in an accounting period

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