Section LS 3 — Income Tax Act 2007: Tax credits for zero-rated investors

LS 3 Tax credits for zero-rated investors When this section applies (1) This section applies when a zero-rated investor has attributed PIE income from a multi-rate PIE for a tax year. Amount of credit (2) The investor has a tax credit that may be used to satisfy their income tax liability for the tax year equal to the amount of income tax liability satisfied by the PIE for the attributed income for the tax year. Credit for PIE's foreign tax (3) A zero-rated investor also has a tax credit for the tax year for the amount determined under section HM 52 (Use of foreign tax credits by zero-rated and certain exiting investors) for foreign income tax paid by the PIE. Credit for PIE's other tax credits (4) A zero-rated investor also has a tax credit for the tax year for the amount determined under section HM 54 (Use of tax credits other than foreign tax credits by investors) for tax paid or withheld. Timing (5) The investor has the tax credit for the tax year corresponding to the income year in which the PIE's tax year ends. Defined in this Act: amount , attributed PIE income , income tax , income tax liability , income year , multi-rate PIE , pay , PIE , tax credit , tax year , zero-rated investor Compare: 2007 No 97 s LS 3 Section LS 3(2) (as it read immediately before substitution on 1 April 2010, relating to the period between 1 April 2008 to 31 March 2010): amended (with effect on 1 April 2008), on 7 September 2010 (applying for the 2008–09 and later income years), by section 92(1) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section LS 3: substituted, on 1 April 2010 (applying for the 2010–11 and later income years), by section 348(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section LS 3(2): amended (with effect on 1 April 2010), on 7 September 2010 (applying for the 2010–11 and later income years), by section 93(1) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).