Section IA 8 — Income Tax Act 2007: Restrictions relating to schedular income

IA 8 Restrictions relating to schedular income Certain schedular income (1) For the purposes of section BC 7 (Income tax liability of person with schedular income), a person must not take a tax loss into account in calculating a schedular income tax liability for a tax year for income described in the following paragraphs of the definition of schedular income : (aa) paragraph (a), which relates to life insurers' schedular policyholder base income; or (a) [Repealed] (b) paragraph (f), for non-resident passive income described in section RB 3 (Schedular income tax liability for filing taxpayers for non-resident passive income); or (c) paragraph (g), which relates to non-resident shippers; or (d) [Repealed] (e) paragraph (i), which relates to non-resident general insurers. Grouping tax losses (2) For the purposes of subsection (1), a company that is part of a group of companies must not take a tax loss of another company in the same group into account under section IC 5 or ID 2 (which relate to companies’ use of tax losses) in calculating a schedular income tax liability for the tax year. Relationship with sections IA 3 to IA 7 (3) This section overrides sections IA 3 to IA 7 . Defined in this Act: company , general insurance , group of companies , income , insurer , non-resident , non-resident entertainer , non-resident passive income , schedular income , schedular income tax liability , schedular policyholder base income , tax loss , tax year , Compare: 2004 No 35 s ID 1(1) Section IA 8(1)(aa): inserted, on 1 July 2010, by section 297(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section IA 8(1)(a): repealed (with effect on 1 April 2008), on 6 October 2009, by section 297(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section IA 8(1)(d): repealed, on 2 November 2012, by section 113 of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section IA 8 list of defined terms schedular policyholder base income : inserted, on 1 July 2010, by section 297(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).