Definition of backdating insurance coverage

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Another LTC can be an owner but is “looked through” to its owners for the purposes of determining whether the maximum of five counted owners test is met.

The concern covers not only direct ownership but also indirect ownership through benefiting from a distribution from a trust that has an ownership interest in a LTC.For example, the previous rules allowed for charities and Māori authorities to hold LTC interests, either directly or indirectly through a trust.Both charities and Māori authorities have potentially wide pools of beneficiaries and are therefore, conceptually, not part of the LTC target group.A definition of “foreign LTC holder” provides the rule for determining how the foreign ownership of LTCs is tested when applying the new foreign income restriction.It is defined as “ownership interest held more than 50% by non-residents”.

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