Marac Life Assurance Ltd v Commissioner of Inland Revenue - [1986] 1 NZLR 694

Income tax — Assessable income — Life insurance — Short-term life bonds were issued on payment of a single premium — On the specified date of maturity or the prior death of the life assured, the policy provided for the repayment of the premium together with a "bonus" calculated at percentage rates per annum — Whether life bonds were policies of life insurance for purposes of Income Tax Act 1976, Securities Act 1978 and Life Insurance Act 1908 — Whether the premium was "money lent" and the bonus was "interest" within the definitions in s 2 of the Income Tax Act 1976, as amended in 1983 and 1985.