Section 57 of the Finance Act 2012 (c. 14) (“FA 2012”) defines basic life assurance and general annuity business (“BLAGAB”) as life assurance business other than specific categories of business listed in section 57(2). The Regulations provide for the cases in which reinsurance of life assurance business is within BLAGAB.
Link: The Insurance Companies (Taxation of Re-insurance Business) Regulations 2018
Source: Legislation .gov.uk
