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## 30 INVESTMENT INCOME ALLOCATED TO THE NON-TECHNICAL ACCOUNT 

Income on investments held against shareholders’ equity does not form a part of the technical results. The amounts transferred to the non-technical account include the direct yield on allocated investments or are based on the average direct yield of the investment portfolio. 

## 31 CORPORATION TAX 

The tax burden for AEGON as a group is made up of the direct and future taxes payable on profits of the units operating in the various countries. The effective tax rate for 2003 was 27% compared to 19% for 2002. The low effective tax rate in 2002 was largely due to a reduction of the deferred tax liability, favorable adjustments resulting from the filing of the 2001 corporate tax returns in the United States, lower taxable income relative to tax preferred investments and tax-exempt income in the Netherlands and the United States, and the use of tax losses in the United Kingdom. 

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Amounts paid in cash in 2003 for income taxes totaled EUR 365 million (2002: EUR 311 million and 2001: EUR 930 million). 

