Section CU 17 — Income Tax Act 2007: Repayment by mining company of amount written off

CU 17 Repayment by mining company of amount written off When this section applies (1) This section applies when— (a) a holding company of a mining company is allowed, under section DU 12 (Amount written off by holding company) or an earlier Act, a deduction for an amount it has written off a loan it made to the mining company; and (b) the mining company— (i) repays, to the holding company or any other person, some or all of the amount written off; or (ii) is treated, under section CU 18 or CU 19 , as having repaid to the holding company some or all of the amount written off. Income (2) The amount repaid, to the extent of the deduction, is income of the holding company. Timing of income (3) The income is allocated to the income year in which the mining company repays the amount or is treated as repaying the amount. Defined in this Act: amount , deduction , holding company , income , income year , loan , mining company , pay , Compare: 2004 No 35 s CU 17