Section EH 65 — Income Tax Act 2007: Thinning operations income equalisation account

EH 65 Thinning operations income equalisation account Person’s account (1) The Commissioner must keep a thinning operations income equalisation account in the name of every person that makes a deposit with the Commissioner. Deposits in accounts (2) Every deposit a person makes with the Commissioner must be entered in their thinning operations income equalisation account. Amounts in accounts (3) The only amounts that may be entered in a person’s thinning operations income equalisation account are— (a) deposits made by the person with the Commissioner; and (b) interest paid under section EH 66 . Amounts not available to others (4) Despite section FC 2 (Transfer at market value), amounts entered in a person’s thinning operations 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 has been put into liquidation; or (c) be assets for the payment of the person’s debts or liabilities, except when the person has been put into liquidation. Amounts available only for refunds (5) The only payments that may be made from a person’s thinning operations income equalisation account are refunds under any of sections EH 68 , EH 71 , EH 73 , and EH 75 . Defined in this Act: amount , Commissioner , deposit , interest , liquidation , pay , person , thinning operations income equalisation account , Compare: 2004 No 35 s EH 67