LAM03430 - Calculation of 鈥業鈥� Income and chargeable gains: Unrelieved General Annuity Business (GAB) losses
Under FA1991/SCH7/PARA17 BLAGAB chargeable gains may be reduced by former GAB Case VI losses. 皇冠体育app legislation specifies the 鈥榬elevant part鈥� of the companies chargeable gains against which GAB losses can be offset by reference to the mean of opening and closing liabilities on 鈥榦ld annuity contracts鈥�. GAB losses do not arise under the current life tax regime and hence consideration of brought forward balances in the few cases where these may still exist is all that is required.