Section EY 49 — Income Tax Act 2007: Non-resident life insurer becoming resident

EY 49 Non-resident life insurer becoming resident Non-resident life insurer may apply (1) A life insurer not resident in New Zealand may apply to be treated for its New Zealand business as resident in New Zealand on and after the first day of a particular income year. Application (2) The life insurer applies by— (a) completing a written application specifying the particular income year; and (b) giving the application to the Commissioner not less than 20 working days before the start of the particular income year. Commissioner may grant (3) The Commissioner may grant the application. Company resident in New Zealand (4) If the application is granted, the life insurer’s New Zealand business is treated, on and after the first day of the particular income year, as being carried on by a company resident in New Zealand in which the life insurer holds all the issued shares. Life insurer agent for company (5) The life insurer is treated as carrying on its New Zealand business as agent for the company and is liable, as agent for the company, to pay amounts payable to the Commissioner and to provide returns of income and other information required by the Commissioner. Company and life insurer separate persons (6) The life insurer and the company are treated as being separate persons in relation to the life insurer’s New Zealand business. Defined in this Act: agent , amount , Commissioner , company , income year , life insurer , New Zealand business , non-resident , pay , resident in New Zealand , return of income , share , working day , Compare: 2004 No 35 s EY 48