Section EH 66 — Income Tax Act 2007: Interest on deposits in thinning operations income equalisation account

EH 66 Interest on deposits in thinning operations income equalisation account No interest payable (1) No interest is payable on a deposit in a thinning operations 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 thinning operations 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 interest 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 , pay , thinning operations income equalisation account , year , Compare: 2004 No 35 s EH 68