(1) For the purposes of this section -
(a) "unrelieved profits" means the amount of profits on which corporation tax falls finally to be borne;
(b) the amount of tax which is or would be chargeable on a company shall be taken to be the amount of tax which is or would be so chargeable after allowance of any relief to which the company is or would be entitled otherwise than under this section.
(2) [deleted]
(3) Notwithstanding sections 21(1) and 21A and subject to subsection (6)(b), corporation tax shall be charged in respect of the part specified in subsection (6)(a) of unrelieved profits of an accounting period of an assurance company from investments referable to life business at the rate determined by the formula -
where -
N1 is the number of months in the accounting period,
N2 is the number of months from the day of the commencement of the accounting period to the earlier of -
(a) the end of the year of assessment (in this subsection referred to as the 'first year of assessment') i
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