Section EH 6 — Income Tax Act 2007: Interest on deposits in main income equalisation account

EH 6 Interest on deposits in main income equalisation account No interest payable (1) No interest is payable on a deposit in a main income equalisation account that is refunded within 1 year of the date of deposit. Interest payable (2) Interest is payable on every other deposit in a main income equalisation account. Period (3) Interest is computed with daily rests from the date of acknowledgment of the receipt of the deposit until the date the deposit is refunded. Date to which accrues (4) Interest on a deposit accrues until the earlier of— (a) 31 March in each year; and (b) the date the deposit is refunded. Added to deposit (5) Accrued interest on a deposit is added to the deposit. Rate (6) The interest rate is 3% a year. Defined in this Act: deposit , interest , main income equalisation account , pay , year , Compare: 2004 No 35 s EH 6