Section DZ 10 — Income Tax Act 2007: General insurance with risk period straddling 1 July 1993

DZ 10 General insurance with risk period straddling 1 July 1993 When this section applies (1) This section applies when— (a) a company carries on a business of providing general insurance or guarantees against loss, damage, or risk, immediately before and on 1 July 1993; and (b) the company, as insurer, enters into an insurance contract for the general insurance in the course of carrying on the business outside New Zealand; and (c) the contract covers a period of risk starting before 1 July 1993 and ending after 1 July 1993. No deduction (with exception) (2) The company is denied a deduction for an amount payable under the contract unless the event giving rise to the payment occurs on or after 1 July 1993. Link with subpart DA (3) This section overrides the general permission. Defined in this Act: amount , business , company , deduction , general insurance , general permission , insurance contract , New Zealand , pay , Compare: 2004 No 35 s DZ 10