INTM256390 - Controlled Foreign Companies: United Kingdom companies carrying on life assurance business: Creditable tax: trading profits

Where creditable tax is apportioned to a United Kingdom company carrying on life assurance business and that company is taxed in respect of its life assurance profits, then to the extent that the creditable tax is attributable to apportioned profits that arise on an interest representing assets in the long term business fund, that creditable tax shall be treated as extinguished.