Section LA 3 — Income Tax Act 2007: When total tax credit less than or equal to income tax liability

LA 3 When total tax credit less than or equal to income tax liability Unsatisfied income tax liability (1) If a person’s total tax credit for a tax year is less than their income tax liability for the tax year, the person has an amount of unsatisfied income tax liability for the tax year. Amount (2) The amount of unsatisfied income tax liability is— (a) equal to the difference between the person’s total tax credit for the tax year and their income tax liability for the tax year: (b) satisfied when the person pays their terminal tax for the tax year. Defined in this Act: amount , income tax liability , tax year , terminal tax , total tax credit , Compare: 2004 No 35 s BC 9