(1) Subject to sections 709 and 710, section 83 shall apply for computing the profits of a company carrying on life business, whether mutual or proprietary (and not charged to corporation tax in respect of it under Case I of Schedule D), whether or not the company is resident in the State, as that section applies in relation to an investment company, except that -
(a) there shall be deducted from the amount treated as expenses of management for any accounting period -
(i) any repayment or refund receivable in the period of the whole or part of a sum disbursed by the company for that period or any earlier period as expenses of management, including commissions (in whatever manner described),
(ii) reinsurance commissions earned by the company in the period, and
(iii) the amount of any fines or fees receivable in the period or profits arising from reversions in the period,
and in calculating profits arising from reversions the company may set off against those profits any losses arising f
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