INTM212050 - Controlled Foreign Companies: United Kingdom companies carrying on life assurance business

Creditable tax: not Case I profits

Where creditable tax is apportioned to a United Kingdom company carrying on life assurance business and that company is not charged to tax Case I in respect of its life assurance profits and the apportioned profit is referable to one of the following categories of business:

pension business,
life reinsurance business, or
overseas life assurance business,
the creditable tax shall be treated as extinguished.