Total relevant expenses in general insurance means the sum of certain items shown in the P&L Format of Schedule 9A Companies Act 1985:
unless the sum is a negative amount, in which case the total relevant expenses will be nil, and no expenses will fall to be deducted from the relevant income - section 804E(5). The amounts taken into account in respect of each item above are the amounts taken into account for tax, if they differ from the accounts amounts - section 804E(6).
Total income in general insurance (section 804E(2) is the excess
of the sum of the incomings listed in section 804E(3) over the sum
of the outgoings in section 804E(4).
The incomings in section 803E(3) are
The outgoings in section 803E(4) relevant to general insurance are
*Such items should only be taken into account so far as they are
referable to general insurance business. Where there is a transfer
of investment return from non-technical account to technical
account and the allocation is of actual return, the amount
concerned should be taken as the amount of the item in the
non-technical account referable to general insurance business,
unless it is clear that the allocation is inadequate.
The amounts taken into account in respect of each item above are the amounts taken into account for tax, if they differ from the accounts amounts (section 804E(6)). In the unlikely event of the outgoings referable to general insurance exceeding the incomings so referable, “total income” will be nil, and no expenses will fall to be deducted from the relevant income.