Section IT 2 — Income Tax Act 2007: Cancellation of life insurer's tax loss when allowed into policyholder base

IT 2 Cancellation of life insurer's tax loss when allowed into policyholder base What this section applies to (1) This section applies to the amount of a life insurer's tax loss to be carried forward to a tax year corresponding to an income year that includes 1 July 2010 and later tax years. Cancellation of life insurer's tax loss (2) When the life insurer has for an income year a policyholder base allowable deduction as provided by section EZ 61 (Allowance for cancelled amount: spreading), an equal amount— (a) is removed from the life insurer's available tax loss for the tax year corresponding to the income year; and (b) must not be subtracted from the life insurer's net income under section BC 5 for the tax year; and (c) is not a tax loss component; and (d) is cancelled. Defined in this Act: available tax loss , income year , life insurer , net income , policyholder base allowable deduction , tax loss , tax loss component , tax year Section IT 2: added, on 1 July 2010, by section 307(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).