Section CX 41 — Income Tax Act 2007: Resident insurance underwriters

CX 41 Resident insurance underwriters When this section applies (1) This section applies when a natural person or an unincorporated body of natural persons— (a) is resident in New Zealand; and (b) carries on a business of providing general insurance or guarantees against loss, damage, or risk; and (c) as part of the business, is liable under an insurance contract, whether or not named in it, to pay, or to contribute towards the payment of, some or all of an amount claimable by the person insured under the contract. Excluded income (2) Income that the natural person or persons derive from carrying on the business outside New Zealand is excluded income to the extent to which it is income not referred to in any of section YD 4(7) or (10) to (12) (Classes of income treated as having New Zealand source). Defined in this Act: amount , business , excluded income , general insurance , income , insurance contract , New Zealand , pay , resident in New Zealand Compare: 2004 No 35 s CX 35