Section EH 32 — Income Tax Act 2007: Kind of person entitled to tax credit

EH 32 Kind of person entitled to tax credit A person in the following circumstances is entitled to a tax credit: (a) the person’s income in the accounting year in question includes a refund of the kind described in section EH 31(1) and of the amount described in section EH 31(2) ; and (b) because of the refund, the person’s income tax liability for the tax year corresponding to the accounting year is increased; and (c) the amount by which the person’s income tax liability for the corresponding tax year is increased because of the refund (the extra tax ) is more than the total of the amounts by which the person’s income tax liability for an earlier tax year or years was decreased because of the subtraction of the deposit or deposits or parts of deposits from which the refund comes (the tax saving ). Defined in this Act: accounting year , amount , deposit , income , income tax , income tax liability , person , tax credit , tax year , Compare: 2004 No 35 s EH 32