I might preface my remarks by saying that these provisions in relation to insurance companies have been agreed with the insurance industry except in so far as I have indicated. This section enables a life assurance company to claim a deduction in computing the profits of its life assurance business under Case I of Schedule D in respect of any part of those profits which is allocated to, reserved for or expended on behalf of policy holders or annuitants. Again, it is comparable to existing provisions.
SECTION 35.
Question proposed: " That section 35 stand part of the Bill."
Question put and agreed to.
Section 36 agreed to.