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Income of approved marine hull and liability insurer exempt from tax

Income Tax (Exemption and Concessionary Tax Rate for Income from Composite Insurance Business) Regulations

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—(1) Where an approved marine hull and liability insurer whose approval is granted before 1 April 2016, satisfies such qualifying conditions as the Minister or such person as he may appoint may impose for the purposes of this regulation, there shall be exempt from tax the following income derived by the approved marine hull and liability insurer for the basis period for any year of assessment:(a)the underwriting income derived from carrying on marine hull and liability insurance and reinsurance business; and(b)the amount of income derived from carrying on marine hull and liability insurance and reinsurance business ascertained by the formula —where Pm, Pn, Po, Pi, PoL, PiL, A, B, C and Dhave the same meanings as in regulation 5B(1)(b).(2) Where the Comptroller is satisfied that any part of the insurance funds and shareholders’ funds is not required to support the marine hull and liability insurance and reinsurance business of an approved marine hull and liability insurer, he may adopt a reduced amount of the dividends, interest and gains or profits under paragraph (1)(b) as appears to him to be reasonable in the circumstances.

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