Section HA 33 — Income Tax Act 2007: Revocation of shareholders’ elections: by event

HA 33 Revocation of shareholders’ elections: by event Event (1) An election by a person as shareholder under section HA 5 is revoked if an event described in the following paragraphs occurs: (a) the person dies: (b) the person disposes of all of their shares, unless they dispose of them to an existing shareholder in the company for whom an election exists: (c) if sections HA 28 and HA 29 apply, a beneficiary acquires legal capacity: (d) if section HA 29 applies,— (i) the effective interests of a minority shareholder increase to 50% or more; or (ii) the total effective interests of the majority shareholder or shareholders fall below 50%: (e) for an election made jointly by 2 or more persons, 1 person revokes the election or is treated as having revoked the election. When revocation by event takes effect (2) The revocation of an election under this section takes effect at the start of the income year in which the event occurred. Periods of grace and Commissioner’s power to defer (3) Sections HA 11(6) and HA 34 to HA 37 override this section. Defined in this Act: Commissioner , company , effective interest , income year , share , shareholder , Compare: 2004 No 35 s HG 5(2)