Document ID: chunk:federal_register_of_legislation:C2010C00648:clause:1_40
Version: federal_register_of_legislation:C2010C00648
Segment Type: clause
Provision Reference: sch 1 cl 40
Character Range: 49831–50416

40  Subsection 320‑185(1)
Repeal the subsection, substitute:

 (1) If a *life insurance company determines, at a time other than a *valuation time, that the total *transfer value of the company's *virtual PST assets as at that time is less than the sum of:
 (a) the company's *virtual PST liabilities as at that time; and
 (b) any reasonable provision made by the company at that time in its accounts for liability for income tax in respect of those assets;
the company can transfer, to the *virtual PST, assets of any kind having a total transfer value not exceeding the difference.