Section LA 4 — Income Tax Act 2007: When total tax credit more than income tax liability

LA 4 When total tax credit more than income tax liability Satisfied income tax liability (1) If a person’s total tax credit for a tax year is greater than their income tax liability for the tax year, the person must use their total tax credit, including the credits listed in paragraphs (a) to (d), to satisfy their income tax liability by using— (a) first, a non-refundable tax credit: (b) second, a tax credit for a supplementary dividend: (c) third, a tax credit for an imputation credit: (d) fourth, a refundable tax credit. Remaining tax credits (2) A person who has satisfied their income tax liability under subsection (1) must deal with their remaining tax credits for the tax year under section LA 5 . Defined in this Act: imputation credit , income tax liability , non-refundable tax credit , refundable tax credit , supplementary dividend , tax credit , tax year , total tax credit , Compare: 2004 No 35 ss BC 8(2) , BC 9(1) , BC 10 , KD 4(2) , LD 3(3) , LD 3A(4) , LE 2(6)