This section secures that notwithstanding section 2, which excludes franked investment income, as defined in section 24, from the charge to corporation tax, such income, where attributable to the investments of the life assurance fund, is to be taken into account in computing a life assurance company's income in accordance with the rules of Case I, of Schedule D, for the purpose of
(a) the restriction under section 33 of management expenses relief;
(b) determining the policy holders' share of unrelieved income to which a reduced rate of tax is to be applied under section 36, and
(c) determining the policy holders' share of life assurance gains and relevant reliefs in applying a reduced rate of tax to chargeable gains under section 37.
