Section GB 34 — Income Tax Act 2007: ICA arrangements for carrying amounts forward

GB 34 ICA arrangements for carrying amounts forward When this section applies (1) This section applies when— (a) a share in an imputation credit account (ICA) company or another company has been subject to an arrangement, including an arrangement directly or indirectly altering rights attached to the share; and (b) the arrangement allows the ICA company to meet the requirements of section OB 41 (ICA debit for loss of shareholder continuity); and (c) a purpose of the arrangement is to defeat the intent and application of section OB 41 . Company treated as not meeting requirements (2) The ICA company is treated as not meeting the requirements in relation to the share. Defined in this Act: arrangement , company , imputation credit account , share , Compare: 2004 No 35 s GC 21