Section LE 8 — Income Tax Act 2007: Application of imputation ratio

LE 8 Application of imputation ratio When this section applies (1) This section applies when a person who has a tax credit under section LE 1 receives an imputation credit attached to a dividend, and the dividend has an imputation ratio greater than the maximum permitted ratio calculated under section OA 18 (Calculation of maximum permitted ratios). Section OZ 10 (Modifying ratios for imputation credits and FDP credits) may apply to modify this section. Amount of reduction (2) The person’s credit is reduced by an amount equal to the amount by which the credit is greater than the maximum permitted ratio. Defined in this Act: amount , dividend , imputation credit , imputation ratio , maximum permitted ratio , tax credit , Compare: 2004 No 35 s LB 1(1)(c) Section LE 8(1): amended, on 1 April 2008, by section 443 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).