Chapter 5: Foreign life assurance policies (FLPs)

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This chapter explains the application of the foreign investment fund (FIF) measures to taxpayers that have an interest in an FLP. It explains:

• what an FLP is
• when a taxpayer is considered to have an interest in an FLP
• the period where the interest in the FLP is taxable
• what an FLP's notional accounting period is, and
• the two methods of taxation that are used to determine FIF income in relation to an interest in an FLP.