Section LE 7B — Income Tax Act 2007: Credit of RSCT for imputation credit

LE 7B Credit of RSCT for imputation credit Retirement scheme contributions (1) A retirement scheme contributor who attaches an imputation credit to a retirement scheme contribution for a person in an income year has a tax credit for the corresponding tax year of an amount equal to the lesser of— (a) the amount of the imputation credit: (b) the liability of the contributor for RSCT on the contribution. When credit more than liability (2) If the amount of the imputation credit is more than the liability of the contributor for RSCT on the contribution,— (a) the amount of the excess is treated as an imputation credit attached to a distribution from the contributor to the person; and (b) the person responsible for withholding the RSCT must, within 30 days of the contribution, notify the person of the amount of the excess credit. Defined in this Act: amount , imputation credit , income year , notify , retirement scheme contribution , retirement scheme contributor , RSCT , tax credit , tax year Compare: 2004 No 35 s LB 3 Section LE 7B: inserted, on 1 April 2008, by section 442 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).