Section CC 13 — Income Tax Act 2007: Amounts paid in income years after hire purchase agreement ends

CC 13 Amounts paid in income years after hire purchase agreement ends When this section applies (1) This section applies for the purposes of section FA 18 (Treatment of amounts paid in income years after agreement ends), when an amount that is liable to be paid under a hire purchase agreement is paid in an income year that is later than the income year in which the agreement ends. Income of seller (2) An amount that the buyer is liable to pay under the terms of the agreement is income of the seller in the income year in which they receive it. Income of buyer (3) An amount paid by the seller to the buyer under section FA 18(3)(b) is income of the buyer in the income year in which the amount is paid. Defined in this Act: amount , hire purchase agreement , income , income year , pay Compare: 2004 No 35 s FC 10(5)(d)–(f)