Section CW 4 — Income Tax Act 2007: Annuities under life insurance policies

CW 4 Annuities under life insurance policies When this section applies (1) This section applies when— (a) a person is paid an annuity under a life insurance policy offered or entered into in New Zealand by a life insurer; or (b) a person is paid an annuity under a life insurance policy offered or entered into outside New Zealand by a life insurer resident in New Zealand. Exempt income (2) The annuity is exempt income. Excluded annuities (3) An annuity that is excluded income of a superannuation fund under section CX 40 (Superannuation fund deriving amount from life insurance policy) is not also exempt income of the fund under this section. Defined in this Act: excluded income , exempt income , life insurance policy , life insurer , New Zealand , offered or entered into in New Zealand , pay , resident in New Zealand , superannuation fund , Compare: 2004 No 35 s CW 4