Section EK 19 — Income Tax Act 2007: Environmental restoration account of amalgamating company

EK 19 Environmental restoration account of amalgamating company If an amalgamating company with an environmental restoration account ends its existence on an amalgamation during an income year,— (a) the contents of the environmental restoration account of the amalgamating company are transferred to an environmental restoration account of the amalgamated company on the date of the amalgamation: (b) the amalgamated company is treated as having— (i) made to the amalgamated company’s environmental restoration account the payments that the amalgamating company made before the amalgamation to the amalgamating company’s environmental restoration account; and (ii) made from the amalgamated company’s environmental restoration account the transfers that the amalgamating company made before the amalgamation from the amalgamating company’s environmental restoration account; and (iii) received from the amalgamated company’s environmental restoration account the refunds that the amalgamating company received before the amalgamation from the amalgamating company’s environmental restoration account. Defined in this Act: amalgamated company , amalgamating company , amalgamation , environmental restoration account , income year , pay , Compare: 2004 No 35 s EK 19