Section EY 3 — Income Tax Act 2007: Shareholder base

EY 3 Shareholder base Shareholder base income (1) A life insurer has shareholder base income,— (a) for policies that are not profit participation policies, under section EY 19 : see also subsection (3), for reserves: (b) for profit participation policies, under sections EY 21 , EY 28 , and EY 29 : (c) for annuities, under section EY 31 . Shareholder base allowable deductions (2) A life insurer has shareholder base allowable deductions,— (a) for policies that are not profit participation policies, under section EY 20 : see also subsection (3), for reserves: (b) for profit participation policies, under sections EY 22 and EY 28 : (c) for the period and policies described in section EY 30 , under that section: (d) for annuities, under section EY 31 . Reserves (3) Under sections EY 23 to EY 27 , a life insurer calculates reserving amounts for life insurance policies, other than annuities, that have a life risk component and are not profit participation policies. A reserving amount may be income included in their shareholder base income, or a deduction that is included in their shareholder base allowable deduction, as provided by the relevant sections. Defined in this Act: deduction , life insurance , life insurance policy , life insurer , life risk , profit participation policy , shareholder base allowable deduction , shareholder base income Section EY 3: substituted, on 1 July 2010, by section 185(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).