(1) In section EY 22(b), “base.” is replaced by “base; and”, and the following is added:
“(c) the item net transfers is ignored.”
(2) Subsection (1) applies––
(a) on and after 1 July 2010, unless paragraph (b) applies:
(b) for an income year that includes 1 July 2010 and later income years, if the life insurer chooses to apply the new life insurance rules in the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 in a return of income for the tax year corresponding to the first relevant income year.