(1) The chargeable income for any year of income of any company carrying on a business of life assurance is considered to be an amount equal to 10% of the gross investment income accruing in Saint Lucia to that company during that year of income.
(2) For the purposes of subsection (1)—
(a) “the gross investment income accruing in Saint Lucia” is considered to be an amount equal to such part of the total investment income of the company as the premiums paid in Saint Lucia bear to the total premiums paid;
(b) “the total investment income” means the aggregate of the investment income accruing in Saint Lucia and elsewhere including income which would in the hands of any other person be exempt;
(c) a deduction or tax credit shall not be given against the gross investment income accruing in Saint Lucia (ascertained under paragraph (a)) in respect of any investment income accruing in Saint Lucia which would in the hands of any other person be exempt under section 25;
(d) a deduction or tax credit shall not be given against the gross investment income accruing in Saint Lucia (ascertained under paragraph (a)) in respect of tax on premium tax levied in Saint Lucia which would in the hands of any other person be exempt under section 25.
(3) In this section “investment income” means the income accruing to a company from the investment of premium moneys paid to the company in respect of ordinary life assurance (including non-cancellable group life assurance), industrial life assurance and general annuity life insurance.