Section LR 1 — Income Tax Act 2007: Tax credits for policyholder income

LR 1 Tax credits for policyholder income Amount of credit (1) A person who has a credit in their policyholder credit account for a tax year has a tax credit equal to the amount, as limited under subsection (2), of the balance of the account determined under sections OJ 8 , OJ 9 , OJ 16 , OP 115 , and OP 116 (which relate to the use of credit balances against policyholder base income tax liability). Limitation (2) The person’s use, under section LA 2 (Satisfaction of income tax liability), of a credit referred to in subsection (1) is limited to the amount that would be their income tax liability for the tax year if their only assessable income were policyholder income in the accounting period in which the amount of tax giving rise to the credit was paid or payable. Defined in this Act: accounting period , amount , assessable income , income tax liability , pay , policyholder base income tax liability , policyholder credit account , policyholder income , tax credit , tax year , Compare: 2004 No 35 ss ME 19 , ME 24 , ME 28