Section EH 51 — Income Tax Act 2007: Income when refund given on death, and election to allocate amount to earlier year

EH 51 Income when refund given on death, and election to allocate amount to earlier year When this section applies (1) This section applies when— (a) a refund under section EH 49 includes a deposit made for an accounting year earlier than the accounting year in which the person dies; and (b) the trustee of the person’s estate chooses to allocate some or all of the deposit to the earlier accounting year. Different year of income (2) The amount allocated by the trustee to the earlier accounting year is income, under section CB 27 (Income equalisation schemes), derived by the person in the corresponding income year. How election made (3) A trustee makes an election under this section by giving the Commissioner notice within 1 of the following times: (a) the time within which the trustee is required to file a return of the person’s income for the period to the date of the person’s death: (b) a further time allowed by the Commissioner in a case or class of cases. Defined in this Act: accounting year , amount , Commissioner , corresponding income year , deposit , income , notice , person , return , trustee , Compare: 2004 No 35 s EH 52