Income derived on or after 1 July 2021 of approved specialised insurer exempt from tax
7C.—(1)  Income of the type and amount specified in paragraph (2) that is derived on or after 1 July 2021 by an approved specialised insurer (X) in a basis period for any year of assessment is exempt from tax, if —
(a)the insurer’s approval was granted at any time before 1 September 2016; and
(b)the insurer had not been approved as an approved specialised insurer at any time before the date of approval.
(2)  For the purposes of paragraph (1), the income is income of the type and amount in regulation 5E of the General Insurance Regulations that would be exempt from tax had X been an approved specialised insurer to which regulation 5E(1) of the General Insurance Regulations applies.
[S 493/2021 wef 01/07/2021]