Section IS 4 — Income Tax Act 2007: Adjustments in certain circumstances

IS 4 Adjustments in certain circumstances When this section applies (1) This section applies if, under section IS 3 , the amount of a holding company’s tax loss for a tax year is subtracted from a mining company’s net income for the tax year instead of being carried forward to a later tax year. Adjustments by Commissioner (2) If the holding company applies for an adjustment and the Commissioner agrees, the Commissioner may adjust the returns of income of the mining company and the holding company to reflect what is fair in the circumstances. This subsection applies in the tax year in which the holding company has the tax loss referred to in subsection (1),

and to any of the 8 tax years following that tax year. Time for applying to Commissioner (3) The holding company must apply within 8 tax years after the end of the tax year in which the holding company has the tax loss referred to in subsection (1) or, despite the time bar, by a later date if the Commissioner allows. Defined in this Act: amount , Commissioner , holding company , mining company , net income , return of income , tax loss , tax year , time bar , Compare: 2004 No 35 s IH 4(3) proviso