However, for taxation purposes, only capital redemption business written before 1 January 1938 is treated as non-life assurance business.
2.
Capital redemption business, which is business written for a premium in exchange for a payment of an annuity over a period of, say, 99 years, is also long-term non-life business.
3.
Capital redemption business written since 31 December 1937 has been treated as though it were BLAGAB from the first accounting period of a company ending on or after 1 July 1999 . Before then, it was treated as a separate business taxed on an I minus E basis.
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