S 46J repealed by
No 79 of 2007
, s 3 and Sch 6 item 1, applicable in relation to distributions made on or after 1 July 2004. S 46J formerly read:
SECTION 46J EXCLUDED TRANSFERS
46J(1)
[Transfer of amount from disqualifying to non-disqualifying account]
For the purposes of subsection
46I(3)
, but subject to subsection (5) of this section, the transfer of an amount from a disqualifying account to a non-disqualifying account is an
excluded transfer
if it is covered by subsection (2), (3) or (4).
46J(2)
Capital reduction for loss.
One case for the purposes of subsection (1) is where:
(a)
the disqualifying account is a share capital account; and
(b)
the transfer gives effect to a reduction in paid-up share capital that has been permanently lost or has permanently ceased to be represented by assets.
History
S 46J(2) amended by No 63 of 1998.
46J(3)
Reduction in value of assets.
Another case for the purposes of subsection (1) is where:
(a)
the disqualifying account is a reserve to the extent mentioned in paragraph
46H(1)(d)
; and
(b)
the transfer gives effect to a reduction in the value of an asset.
46J(4)
Distribution to policy owners.
Another case for the purposes of subsection (1) is where:
(a)
the disqualifying account is one mentioned in paragraph
46H(1)(b)
; and
(b)
the transfer is for the purpose of making a distribution covered by paragraph
63(3)(c)
of the
Life Insurance Act 1995
.
46J(5)
When certain transfers not excluded transfers.
If the transfer of the whole or part of the amount in a subsection (2), (3) or (4) case takes place in carrying out a dividend payment or replacement arrangement (see subsection (6)), the transfer of the whole or the part is not an excluded transfer.
46J(6)
Dividend payment or replacement arrangements.
The transfer of an amount (the
transferred amount
) takes place in carrying out a
dividend payment or replacement arrangement
if, under the arrangement:
(a)
the company will pay a dividend either directly from the transferred amount, or indirectly from the transferred amount as a result of the transfer of amounts to other accounts; or
(b)
the transferred amount replaces directly an amount from which a dividend was paid, or replaces indirectly, as a result of the transfer of amounts to other accounts, an amount from which a dividend was paid.
S 46J inserted by No 170 of 1995.
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