Timing and quantifying rules - Life insurance rules - Transitional adjustments and annuities
EY 36: Discontinuance profit for income year
You could also call this:
“This section about profit when stopping business was removed from the tax law in 2010”
This section of the law, called ‘Discontinuance profit for income year’, used to be part of the Income Tax Act 2007. It was in a part of the act about ‘Transitional adjustments and annuities’. However, this section doesn’t exist anymore. The government removed it on 1 July 2010. If you need to know about this topic now, you should look at newer parts of the tax law.
