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Subregulation 3

Income Tax (Concessionary Rate of Tax for Income of Life Insurers Apportioned to Policyholders) Regulations 2009

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Where, in the basis period for any year of assessment, no gains or profits of the participating fund are allocated by way of bonus to the participating policies in accordance with section 17(6)(b) of the Insurance Act, the gains or profits of the participating fund to be apportioned for that year of assessment to the policyholders of the insurer shall be ascertained by the formulawhere C and D have the same meanings as in paragraph (2); and E is — (a) where the articles of association of the life insurer specify the percentage of the gains or profits of the participating fund that may be distributed to policyholders, that percentage; or (b) where the articles of association of the life insurer do not so specify, the difference between 100% and the maximum amount (in terms of percentage) of the fund that may be allocated to the surplus account under section 17(6)(c)(iv) of the Insurance Act (Cap. 142), out of the total of such amount and the amount of the fund that may be allocated to participating policies by way of bonus in accordance with section 17(6)(b) of that Act.

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