Section EY 18 — Income Tax Act 2007: Policyholder base allowable deductions: profit participation policies

EY 18 Policyholder base allowable deductions: profit participation policies For an income year, a life insurer has policyholder base allowable deductions equal to the amount they would have, for profit participation policies, under the formula in section EY 17(1) , if–– (a) the life insurer is treated as having no assets other than the asset base; and (b) the item asset base gross income is treated as being the annual total deduction for the policies' asset base; and (c) the item net transfers is ignored. Defined in this Act: amount , annual total deduction , asset base , income year , life insurer , policyholder base allowable deduction , profit participation policy Section EY 18: substituted, on 1 July 2010, by section 190(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section EY 18(b): amended, on 1 July 2010, by section 34(1) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section EY 18(c): added, on 1 July 2010, by section 34(1) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63).