{
  "url": "https://openlegislation.uk/finance-act-2012/section-105",
  "json_url": "https://openlegislation.uk/finance-act-2012/section-105.json",
  "legislation": "ukpga/2012/14",
  "legislation_title": "Finance Act 2012",
  "legislation_url": "https://openlegislation.uk/finance-act-2012",
  "path": "section/105",
  "kind": "section",
  "number": "105",
  "heading": "Meaning of “BLAGAB non-taxable distributions” and “shareholders' share”",
  "text": "(1) This section explains for the purposes of section 104 what is meant by—\n“BLAGAB non-taxable distributions”, and\n“the shareholders' share” of BLAGAB non-taxable distributions.\n(2) Non-taxable distributions are “BLAGAB” non-taxable distributions if they are referable, in accordance with Chapter 7, to the company's basic life assurance and general annuity business.\n(3) The “shareholders' share” of the BLAGAB non-taxable distributions receivable by the company in the accounting period is the relevant proportion of those distributions.\n(4) The relevant proportion is—\nBTP BNTD + 1where—\nBTP is the amount of the BLAGAB trade profit of the company for the accounting period,\nBNTD is the amount of the BLAGAB non-taxable distributions receivable by the company in the accounting period, and\nI is the total of the amounts given by the calculations required by steps 1 to 3 in section 73 (I - E basis: income referable to BLAGAB) in relation to the company's basic life assurance and general annuity business for the accounting period.\n(5) If BTP exceeds BNTD + I, the shareholders' share of the BLAGAB non-taxable distributions receivable by the company in the accounting period is the whole of those distributions.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2012/14/section/105",
    "retrieved_at": "2026-10-29T09:08:44.989153+00:00",
    "licence": "OGL-UK-3.0",
    "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
    "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
  }
}