Section 43R

Despite section 43, the Minister may by regulations provide that tax at the rate of 10% is to be levied and paid for each year of assessment upon such income of an approved insurance broker as the Minister may specify that is derived by it on or after a prescribed date from the provision of such direct insurance broking, reinsurance broking or advisory services relating to the insurance sector as may be prescribed.

Regulations made under subsection (1) may provide for the deduction of losses otherwise than in accordance with section 37(3).

The Minister or a person appointed by the Minister may, subject to such conditions as the Minister or person may impose, approve a company that is a direct insurance broker, general reinsurance broker or life reinsurance broker, as an approved insurance broker for the purposes of this section.

Approval may be granted under this section between 1 April 2008 and 31 December 2023 (both dates inclusive).

In this section, “direct insurance broker”, “general reinsurance broker” and “life reinsurance broker” have the meanings given by section 2 of the Insurance Act 1966.[43ZC