§ 43G — Concessionary rate of tax for trustee company

43G.—(1) Despite section 43, the Minister may by regulations provide that tax at the rate of 10% is to be levied and paid for each year of assessment upon such income as the Minister may specify of an approved trustee company derived by it from such services as may be prescribed; and those regulations may provide for exemption from tax of any such income and for the deduction of losses otherwise than in accordance with section 37(3).[34/2016]

(2) In this section, “trustee company” means a company that is a licensed trust company within the meaning of the Trust Companies Act 2005, or that is exempted under that Act from holding a trust business licence within the meaning of that Act.

(3) The Minister or such person as the Minister may appoint may approve a trustee company as an approved trustee company for the purposes of this section.

(4) Any approval under subsection (3) must be for a period not exceeding 10 years as the Minister or the person appointed by the Minister may specify, and is subject to such conditions as the Minister may impose.

(5) No trustee company may be approved under subsection (3) on or after 1 April 2016.

(6) A trustee company that is an approved trustee company immediately before 1 April 2011 remains as an approved trustee company until 31 March 2021, unless its approval is revoked earlier.

(7) The trustee company mentioned in subsection (6) remains as an approved trustee company subject to such conditions as the Minister may impose.[43J

—(1) Despite section 43, the Minister may by regulations provide that tax at the rate of 10% is to be levied and paid for each year of assessment upon such income as the Minister may specify of an approved trustee company derived by it from such services as may be prescribed; and those regulations may provide for exemption from tax of any such income and for the deduction of losses otherwise than in accordance with section 37(3).[34/2016]

(2) In this section, “trustee company” means a company that is a licensed trust company within the meaning of the Trust Companies Act 2005, or that is exempted under that Act from holding a trust business licence within the meaning of that Act.

(3) The Minister or such person as the Minister may appoint may approve a trustee company as an approved trustee company for the purposes of this section.

(4) Any approval under subsection (3) must be for a period not exceeding 10 years as the Minister or the person appointed by the Minister may specify, and is subject to such conditions as the Minister may impose.

(5) No trustee company may be approved under subsection (3) on or after 1 April 2016.

(6) A trustee company that is an approved trustee company immediately before 1 April 2011 remains as an approved trustee company until 31 March 2021, unless its approval is revoked earlier.

(7) The trustee company mentioned in subsection (6) remains as an approved trustee company subject to such conditions as the Minister may impose.[43J