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Income Tax Act 2007

Taxation of certain entities - Portfolio investment entities - Exit rules

HM 26: Starting life insurance business

You could also call this:

“PIEs lose their status when they begin offering life insurance”

If you are not a life fund PIE (Portfolio Investment Entity) and you start doing life insurance business, you will immediately stop being a PIE. This means you can’t be both a regular PIE and a life insurance company at the same time. As soon as you begin offering life insurance, you lose your PIE status right away.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2888762.

Topics:
Money and consumer rights > Taxes
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HM 25: When entity no longer meets investment or investor requirements, or

“Rules for keeping your PIE status and what happens if you break them”

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HM 27: When multi-rate PIE no longer meets investor interest adjustment requirements, or

“Losing PIE status when investor interest adjustment rules aren't followed”

Part H Taxation of certain entities
Portfolio investment entities: Exit rules

HM 26Starting life insurance business

  1. An entity that is not a life fund PIE loses PIE status immediately if it starts to carry on the business of life insurance.

Compare
  • s HL 4(1)
Notes
  • Section HM 26: inserted, on (applying for the 2010–11 and later income years), by section 292(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).