Section 833A(5)

The items within this subsection are— if the value of shares held by the company in a qualifying investment subsidiary exceeds the value of the consideration given by it for their acquisition, the amount of that excess; any asset of the company representing a surplus in a defined benefit pension scheme; if the value of the assets held by the company in a ring-fenced fund exceeds the value of the liabilities incurred by the company in respect of that fund, the amount of that excess; the amount of any liability of the company in respect of deferred tax shown in the company’s balance sheet that relates to any asset within paragraph (a), (b) or (c); if— the amount of that excess; and the company has permission to disapply or modify its rules in accordance with section 138BA of the Financial Services and Markets Act 2000, such that the company may apply a matching adjustment to a relevant risk-free interest rate term structure to calculate the best estimate of a portfolio of the company’s life insurance or reinsurance obligations, and the value of the portfolio of the company’s assets assigned by the company to cover the best estimate exceeds the value of the portfolio of the company’s life insurance or reinsurance obligations, the following capital items of the company— paid-in ordinary share capital together with any related share premium account; paid-in preference shares which are not liabilities of the company together with any related share premium account; capital redemption reserve; and any other reserve that the company is prohibited from distributing (ignoring this Part for this purpose).

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Source: legislation.gov.uk · retrieved 2026-09-04