Section EY 48 — Income Tax Act 2007: Non-resident life insurers with life insurance policies in New Zealand

EY 48 Non-resident life insurers with life insurance policies in New Zealand When this section applies (1) This section applies when a life insurer not resident in New Zealand offers or is offered or enters into life insurance policies in New Zealand. Income having source in New Zealand (2) The life insurer’s income from the business of providing life insurance, as determined under this section, is income that has a source in New Zealand. Shareholder base and policyholder base (3) The life insurer's income and deductions are apportioned between their policyholder base or shareholder base under the provisions of this subpart to the extent to which the income or deductions relate to— (a) life insurance policies that the life insurer, as insurer, offered or was offered or entered into in New Zealand: (b) life reinsurance policies held by the life insurer that relate exclusively to life insurance policies described in paragraph (a). Other income (4) The life insurer’s income from the business of providing life insurance, other than under the provisions of this subpart, is determined only in relation to the life insurer’s New Zealand business. Defined in this Act: business , discontinuance profit formula , income , life insurance , life insurance policy , life insurer , life reinsurance policy , mortality profit formula , New Zealand , New Zealand business , non-resident , offered or was offered or entered into , policyholder income formula , premium loading formula , resident in New Zealand , source in New Zealand Compare: 2004 No 35 s EY 47 Section EY 48(2) heading: substituted, on 21 December 2010, by section 60(1) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section EY 48(2): amended, on 21 December 2010, by section 60(2) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section EY 48(3) heading: substituted, on 1 July 2010, by section 193(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section EY 48(3): substituted, on 1 July 2010, by section 193(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section EY 48(4): amended, on 1 July 2010, by section 193(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section EY 48 list of defined terms derived from New Zealand : repealed, on 21 December 2010, by section 60(3)(a) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section EY 48 list of defined terms source in New Zealand : inserted, on 21 December 2010, by section 60(3)(b) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130).