Section EH 78 — Income Tax Act 2007: Meaning of thinning operations maximum deposit

EH 78 Meaning of thinning operations maximum deposit Meaning (1) Thinning operations maximum deposit means the maximum deposit that this section says a person may make to their thinning operations income equalisation account for a tax year. Maximum deposit (2) The maximum deposit that a person may make is an amount equal to the income derived by them during the accounting year from carrying out thinning operations on the land on which they carry on their forestry business. Meaning of amount (3) In subsection (2), amount means an amount calculated without applying— (a) any provision allocating income derived or expenditure incurred to an income year other than the income year in which the income was in fact derived or the expenditure was in fact incurred: (b) any provision of any of the income equalisation schemes referred to in section EH 1(2) . Defined in this Act: accounting year , amount , business , deposit , forestry business , income , income year , person , thinning operations , thinning operations income equalisation account , thinning operations maximum deposit Compare: 2004 No 35 s EH 80 Section EH 78 list of defined terms forestry business : inserted (with effect on 1 April 2008), on 7 December 2009, by section 126 of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63).