Section EY 22 — Income Tax Act 2007: Shareholder base allowable deductions: profit participation policies

EY 22 Shareholder base allowable deductions: profit participation policies For an income year, a life insurer has shareholder base allowable deductions equal to the amount they would have, for profit participation policies, under the formula in section EY 21(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 , profit participation policy , , shareholder base allowable deduction Section EY 22: 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 22(b): amended, on 1 July 2010, by section 37(1) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section EY 22(c): added, on 1 July 2010, by section 37(1) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63).