Section HM 74 — Income Tax Act 2007: Transition: entities with non-standard income years

HM 74 Transition: entities with non-standard income years When this section applies (1) This section applies when— (a) an entity with a non-standard income year chooses to become a PIE; and (b) the entity calculates and pays its tax liability using the exit calculation or quarterly calculation option under section HM 42 or HM 43 . Consequential changes in balance date (2) Section 39 of the Tax Administration Act 1994 applies as if— (a) the day before that on which the election takes effect were the original balance date of the entity; and (b) the next 31 March after the election takes effect were a new balance date approved by the Commissioner for the entity. Defined in this Act: Commissioner , non-standard income year , pay , PIE , quarter Compare: 2007 No 97 s HL 13(2) Section HM 74: inserted, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).