Regulation 7
Deduction in respect of financial guarantee insurance
of Income Tax (Deduction for Special Reserves of Approved General Insurers) Regulations 2006
Subsidiary LegislationIn forceProvision 7 of 11
Regulation 7
Subject to regulation 8, there shall be allowed to an approved general insurer a deduction for the amounts transferred by him during the basis period for any year of assessment to his special reserve in respect of a qualifying business dealing with the offshore risk described in regulation 3(g), if —
(a)
the transfer is made in accordance with the Insurance (Financial Guarantee Insurance) Regulations (Cap. 142, Rg 6); and
(b)
the amounts are not withdrawn from the special reserves.