Suggest a correction

Transition from tax treatment under section 34A of Act to tax treatment under section 34AAA of Act

Income Tax (Adjustment for Change of Basis of Computing Profit, Loss or Expense from Financial Instruments of Insurers) Regulations 2022

Match the official source exactly.

What needs fixing?

Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) This regulation applies to an insurer that is a qualifying person under section 34A of the Act for the year of assessment immediately before the initial year of assessment.(2) The amount of any profit or loss in respect of any financial instrument on revenue account of the insurer on the first day of the basis period of the initial year of assessment (called in this regulation the amount A) is computed using the formula specified in the second column of the First Schedule opposite the description in the first column of that Schedule to which the financial instrument belongs.(3) Where the financial instrument on revenue account of the insurer is not an instrument mentioned in the first column of the First Schedule, the amount A in respect of that financial instrument is computed on a basis that the Comptroller considers reasonable in the circumstances.(4) The amount A computed in accordance with paragraph (2) or (3) must not include —(a)any amount that is brought into account under section 34A of the Act for the purpose of section 10 of the Act for any year of assessment before the initial year of assessment; and(b)any amount of losses that had been allowed under the Act to the insurer for any year of assessment before the initial year of assessment.(5) Where the amount A computed in accordance with paragraph (2) or (3) is a positive amount, it is treated as income of the insurer for the initial year of assessment.(6) Where the amount A computed in accordance with paragraph (2) or (3) is a negative amount, an amount equal to it (expressed as a positive amount) is to be allowed as a deduction against the insurer’s income for the initial year of assessment.

What's the problem? (required)

Source link (optional)

Describe the problem (and edit the text or pick an issue type) to submit.

Suggestions are submitted anonymously. No account or personal information is required or sent.