Life insurance companies tax schedule 2003

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Life companies taxation schedule notes

Introduction

These notes are designed to assist in the preparation of the Life insurance companies taxation schedule. These notes are not a guide to the income tax law.

Statement of income - segregated exempt assets (SEA)

Net investment income - SEA

If a life company reconciles accounting income to taxable income, it must include at label A the total accounting net investment income for SEA. If a life company uses a taxation basis to determine income derived from SEA please supply the following details of ordinary and statutory income derived from SEA: all investment income from SEA less losses made from the disposal of SEA assets. Investment income includes gains made on the disposal of investments, interest income, dividend income, trust distributions, partnership distributions, net rental income and all other investment income.

Show whether the company used an accounting basis or a taxation basis to determine net investment income derived from SEA by printing X in the relevant code box to the right of the amount shown at label A.

Premiums - exempt life insurance policies

Show at label B the total amount of gross premiums received from exempt life insurance policies.