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New York Life Insurance Co v Styles (Surveyor of Taxes) 14 App Cas 381, [1889] UKHL TC_2_460 (1 July 1889)

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New York Life Insurance Co v Styles (Surveyor of Taxes) (1889) 14 App Cas 381, [1889] UKHL TC_2_460 1 July 1889

Income Tax. Profits. Mutual Life Insurance. A mutual life insurance company has no members other than the holders of participating policies, to whom all the assets of the Company belong. At the close of each year an actuarial valuation is made, and if the aggregate receipts of the Company have been more than sufficient to cover the expenses and estimated liabilities, the surplus is divided between the participating policy-holders, who receive their dividends in the shape either of a cash reduction from future premiums, or of a reversionary addition to the amount of their policies.
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