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(9) In determining for the purposes of this Schedule whether an allowable loss accruing to a company on a disposal under section 719 or section 738(4)(a) is a loss that accrued before the company became a member of the relevant group, the provisions of section 720 or section 738(4)(b), as the case may be, shall be disregarded.

24. Notwithstanding section 713, where chargeable gains and allowable losses accrued on disposals deemed by virtue of section 46A of the Corporation Tax Act, 1976, as applied by section 12(2)(a) of the Finance Act, 1993, to have been made by a life assurance company for the accounting period ended on the 31st day of December, 1992, the amount of any fraction of the difference between the aggregate of such chargeable gains and the aggregate of such allowable losses treated by virtue of section 720 (being the re-enactment of section 46B of the Corporation Tax Act, 1976) as a chargeable gain of any accounting period ending on or after the 6th day of April, 1997, shall be deducted from the amount of the unrelieved profits (within the meaning of section 713) of that accounting period for the purposes of computing the relief due under section 713.

(I) in case of an assurance company, section 719(2) shall apply in respect of the debt as if, for this purpose only, the deemed disposal day was the day on which an accounting period of the company ends and the chargeable gain or allowable loss thereby accruing shall be included in the net amount (within the meaning of section 720) in respect of the accounting period in which the deemed disposal day falls, and

(3) Subject to section 720, where an assurance company, in the course of carrying on a class of life assurance business mentioned in subparagraph (iii) or (iv) of section 707(2)(a), disposes of or is deemed to dispose of assets in an accounting period, the amount, if any, for each such class of business by which the aggregate of allowable losses exceeds the aggregate of chargeable gains on the disposals or deemed disposals in the course of that class of business in the accounting period shall be—

(4) For the purposes of subsection (3), any amount which apart from paragraph 24 of Schedule 32 would be treated as a chargeable gain or an allowable loss of an accounting period of a company by virtue of section 720 shall also be treated as arising on a disposal of assets by the company in the accounting period so that each such amount shall be taken into account in determining the amount, if any, by which the aggregate of allowable losses exceeds the aggregate of chargeable gains on disposals of assets by the company in the course of carrying on life assurance business (excluding pension business, general annuity business and special investment business) (excluding pension business and general annuity business) in the accounting period.

(1) In this section and in section 720—