Section EH 39 — Income Tax Act 2007: Adverse event income equalisation account

EH 39 Adverse event income equalisation account Person’s account (1) The Commissioner must keep an adverse event income equalisation account in the name of every person who makes a deposit with the Commissioner. Deposits in accounts (2) Every deposit a person makes with the Commissioner must be entered in their adverse event income equalisation account. Amounts in accounts (3) The only amounts that may be entered in a person’s adverse event income equalisation account are— (a) deposits made by the person with the Commissioner; and (b) interest paid under section EH 40 . Amounts not available to others (4) Amounts entered in a person’s adverse event income equalisation account must not, while they are in the account,— (a) be assigned or charged in any way; or (b) pass by operation of law to, or into the custody or control of, someone else, except when the person is bankrupt or has been put into liquidation; or (c) be assets for the payment of the person’s debts or liabilities, except when the person is bankrupt or has been put into liquidation; or (d) be assets for the payment of the debts or liabilities of a dead person’s estate. Amounts available only for refunds (5) The only payments that may be made from a person’s adverse event income equalisation account are refunds under any of sections EH 42 , EH 45 , EH 47 , EH 49 , EH 53 , and EH 55 . Defined in this Act: adverse event income equalisation account , amount , Commissioner , deposit , interest , liquidation , pay , person , Compare: 2004 No 35 s EH 40