Suggest a correction

Deduction for special reserve of approved general insurer

Income Tax Act 1947

What needs fixing?

Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) The Minister may by regulations provide that, for the purpose of ascertaining the income of a general insurer approved by the Minister or such person as the Minister may appoint from carrying on the business of insuring and reinsuring offshore risks, there is to be allowed for a period of 10 years a deduction for the prescribed amount of special reserves set aside by the approved general insurer for prescribed offshore risks.(2) Regulations made under subsection (1) may provide for —(a)any amount transferred to the special reserve on an earlier date to be deemed to have been transferred out of the special reserve first;(b)the circumstances in which any amount which has been allowed as deduction under this section may be deemed as trading receipt for any basis period;(c)the adjustment of any amount deemed as trading receipt for any basis period in respect of any amount which has been allowed as deduction under this section; and(d)generally for giving full effect to or for carrying out the purposes of this section.(3) In this section —“insurer” has the meaning given by section 43C;“offshore risk” has the meaning given by section 26.[14O

What's the problem? (required)

Source link (optional)

Open the official source PDF to compare

Describe the problem (and edit the text or pick an issue type) to submit.

Suggestions are submitted anonymously — no account or personal information is required or sent.