Section IT 1 — Income Tax Act 2007: Cancellation of life insurer's policyholder net losses

IT 1 Cancellation of life insurer's policyholder net losses What this section applies to (1) This section applies to the amount of a life insurer's tax loss to be carried forward to the tax year corresponding to the income year that includes 1 July 2010 (the tax year ), to the extent to which the amount (the cancelled amount ) would be a ring-fenced tax loss for policyholder net losses under section IA 7(3) (Restrictions relating to ring-fenced losses) if the enactment of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 were ignored. Cancellation of life insurer's policyholder net losses (2) The cancelled amount— (a) is removed from the life insurer's available tax loss for the tax year, except as provided by section EY 5(2) (Part-year tax calculations) for the first part-year; and (b) must not be subtracted from the life insurer's net income under section BC 5 (Taxable income) for the tax year, except as provided by section EY 5(2) for the first part-year; and (c) is not a tax loss component on and after 1 July 2010; and (d) is cancelled on and after 1 July 2010. Defined in this Act: available tax loss , income year , life insurer , net income , policyholder net loss , ring-fenced tax loss , tax loss , tax loss component , tax year Section IT 1: substituted, on 1 July 2010, by section 307(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).