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(a) a person who holds a licence under section 9 or an authorisation granted under section 9A of the Central Bank Act 1971,

(b) a person referred to in section 7(4) of the Central Bank Act 1971, or

(b) a person referred to in section 7(4) of the Central Bank Act 1971, or

(a) a person who holds a licence under section 9 or an authorisation granted under section 9A of the Central Bank Act 1971,

a report in respect of which is required to be made to the members of the company by an auditor appointed under section 160 of the Companies Act, 1963 a statutory auditor appointed under Chapter 18 of Part 6 of the Companies Act 2014, or under the law of the State in which the resident company or non-resident company is incorporated and which corresponds to that section.

“credit union” has the meaning assigned to it in section 2 of the Credit Union Act 1997;

“credit union” has the meaning assigned to it in section 2 of the Credit Union Act 1997;

“sinking fund or capital redemption business” has the same meaning as in section 3 of the Insurance Act, 1936.

“sinking fund or capital redemption business” has the same meaning as in section 3 of the Insurance Act, 1936.

(II) permanent health insurance, in respect of which the profits arising to the assurance company were before 1 January 2001 charged to tax under Case I of Schedule D,

(4) Notwithstanding Chapters 1 and 3 of this Part, an assurance company shall be charged to corporation tax in respect of the profits of new basis business under Case I of Schedule D and those profits shall, subject to subsection (5), be computed in accordance with the provisions applicable to that Case of that Schedule.

(5) Where all or part of the profits of an assurance company are, under this Chapter, to be computed in accordance with the provisions applicable to Case I of Schedule D, the following provisions shall also apply—

(6) Notwithstanding the provisions of Chapter 3 of Part 12, where an assurance company incurs a loss in respect of new basis business, the amount of the loss which may be set off against profits of any other business of the company shall not exceed such amount of those profits computed under the provisions of Case 1 of Schedule D and section 710.

(b) Subject to paragraph (c), in respect of each accounting period of a company to which this subsection applies, one-twentieth of the amount determined under subsection (8)(c) shall be treated as annual profits or gains within Schedule D and shall be chargeable to corporation tax under Case III of that Schedule.

(6) Notwithstanding the provisions of Chapter 3 of Part 12, where an assurance company incurs a loss in respect of new basis business, the amount of the loss which may be set off against profits of any other business of the company shall not exceed such amount of those profits computed under the provisions of Case 1 of Schedule D and section 710.

(6) Notwithstanding the provisions of Chapter 3 of Part 12, where an assurance company incurs a loss in respect of new basis business, the amount of the loss which may be set off against profits of any other business of the company shall not exceed such amount of those profits computed under the provisions of Case 1 of Schedule D and section 710.

(a) where an assurance company was carrying on life business on 1 April 2000, other than where the assurance company’s trading operations at that time consisted solely of foreign life assurance business within the meaning of section 451(1)—

(b) where an assurance company was carrying on life business on 1 April 2000, and the assurance company’s trading operations at that time consisted solely of foreign life assurance business within the meaning of section 451(1), all policies and contracts commenced by the assurance company on or after 1 January 2001, and

(6) Notwithstanding the provisions of Chapter 3 of Part 12, where an assurance company incurs a loss in respect of new basis business, the amount of the loss which may be set off against profits of any other business of the company shall not exceed such amount of those profits computed under the provisions of Case 1 of Schedule D and section 710.