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Income Tax Act 2007

Memorandum accounts - Imputation credit accounts (ICA)

OB 3B: General rule for life insurer's policyholder base

You could also call this:

“Life insurers: No imputation credits or debits for policyholder base”

If you’re a life insurer, this rule is about your policyholder base. You don’t get any imputation credits for your policyholder base. In the same way, you don’t get any imputation debits for your policyholder base either. This means that when it comes to your policyholder base, you don’t have to worry about these credits or debits at all.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3113400.

Topics:
Money and consumer rights > Taxes
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“Rules for companies tracking tax credits and debits”

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“Imputation credits for tax payments or transfers to a company's account”

Part O Memorandum accounts
Imputation credit accounts (ICA)

OB 3BGeneral rule for life insurer's policyholder base

  1. An imputation credit does not arise in relation to a life insurer's policyholder base. Similarly, an imputation debit does not arise in relation to a life insurer's policyholder base.

Notes
  • Section OB 3B: inserted, on , by section 380(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).