Section HA 32 — Income Tax Act 2007: Revocation of shareholders’ elections: by notice

HA 32 Revocation of shareholders’ elections: by notice Notice (1) A person who, as a shareholder in a company, has made an election under section HA 5 , may revoke it by notifying both the company and the Commissioner. When revocation takes effect (2) In the notice, the person may nominate an income year later than the year of notice as the income year in which revocation takes effect, and the revocation takes effect at the start of that income year. If no income year is nominated, it takes effect at the start of the income year in which the Commissioner receives the notice. Measuring effective interests (3) For measuring the effective interest in the company, as defined in section HA 43 and measured under section HA 44 , of the person revoking the election, the revocation takes effect— (a) when both the company and the Commissioner have received the notice; or (b) on a later date nominated in the notice. Periods of grace and Commissioner’s power to defer (4) Sections HA 11(6) and HA 34 to HA 37 override this section. Defined in this Act: Commissioner , company , effective interest , income year , notice , notify , shareholder , Compare: 2004 No 35 s HG 5(1)