Section HA 35 — Income Tax Act 2007: Period of grace following revocation of election

HA 35 Period of grace following revocation of election When this section applies (1) This section applies when a company has been a qualifying company but no longer meets the requirement of section HA 5 through revocation of a shareholder’s election under section HA 32 or HA 33 . But this section does not apply when— (a) the revocation is brought about by the death of a person; or (b) a joint election is revoked. Revocation by notice (2) When section HA 32 applies, the company’s status as a qualifying company does not end if, within 63 days of the date on which the company received the notice of revocation, a person other than the shareholder who revoked the election makes an election relating to the whole of the relevant shareholding. Revocation by event (3) When section HA 33 applies, the company’s status as a qualifying company does not end if, within 63 days of the date when the event that gave rise to the revocation occurred, an election relating to the whole of the relevant shareholding is made or is in effect. Extension of time (4) In subsections (2) and (3), the Commissioner may extend the 63-day period on the application of the company or a person who is entitled to make an election under section HA 5 . Defined in this Act: Commissioner , company , notice , qualifying company , shareholder , Compare: 2004 No 35 s HG 6(2)(a), (b)