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Income Tax Act 2007

Deductions - Expenditure specific to certain industries

DW 3B: Lloyd’s of London: deductions for life insurance business

You could also call this:

“Lloyd's of London can't claim expenses on life insurance premium income”

If you’re Lloyd’s of London, you can’t deduct any expenses you have when you make money from life insurance premiums. This rule is strict and overrides the usual permission to make deductions. It applies even if you would normally be allowed to deduct these expenses. This rule is linked to the income you get from life insurance premiums, which is explained in another part of the law called [CR 3B].

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS33475.

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Money and consumer rights > Taxes
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Part D Deductions
Expenditure specific to certain industries

DW 3BLloyd’s of London: deductions for life insurance business

  1. Lloyd’s of London is denied a deduction for expenditure incurred in deriving income under section CR 3B (Lloyd’s of London: income from life insurance premiums).

  2. This section overrides the general permission.

Notes
  • Section DW 3B: inserted, on (with effect on 1 April 2017 and applying in relation to a life insurance premium that is derived on or after that date by Lloyd’s of London), by section 63(1) of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).