Section EZ 63 — Income Tax Act 2007: Disposal and acquisition upon entry

EZ 63 Disposal and acquisition upon entry When this section applies (1) This section applies for a life insurer immediately before a day (the application day ) that is— (a) 1 July 2010, if the life insurer does not have an early life regime application day; or (b) their early life regime application day, if the life insurer does have an early life regime application day. Disposal and acquisition upon entry (2) Immediately before the application day, all of the property of a life insurer that supports actuarial reserves for the purposes of the policyholder income formula in section EY 43 (Policyholder income formula) is treated as disposed of, for market value consideration, to a third person, and immediately re-acquired from that person for the same consideration. Exclusion (3) Property that is an interest in a PIE that is not a listed PIE is excluded from the disposal and re-acquisition described in subsection (2). Defined in this Act: actuarial reserves , amount , dispose , early life regime application day , income year , life insurer , listed PIE , market value , PIE Section EZ 63: added, on 30 June 2010, by section 200 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section EZ 63 list of defined terms portfolio-listed company : repealed (with effect on 30 June 2010), on 2 November 2012, by section 66 of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).