| Apportionment of income between policy-holders and shareholders |
| 7. Any income of an approved insurance company for any year of assessment taxable at the rate of 10% in accordance with regulation 4(1)(a) and (b)(i) shall, for the purposes of section 26 (3B)(b) and (c) of the Act, be apportioned between the policyholders and shareholders of the approved insurance company in the same ratio as the offshore life insurance surplus for the basis period for that year of assessment is allocated by the approved insurance company between its policyholders and shareholders in that basis period or, where no such allocation is made by the approved insurance company, be deemed to be apportioned wholly to its shareholders. [S 81/2009, wef Y/A 2005 & Sub Ys/A] |
| Apportionment of income between policyholders and shareholders |