Section LZ 4 — Income Tax Act 2007: Dividends derived from development investments

LZ 4 Dividends derived from development investments When this section applies (1) This section applies when— (a) the only assessable income of a non-resident investment company in a tax year consists of dividends derived from development investments; and (b) the amount of the non-resident investment company’s income tax liability for those dividends is more than the amount of income tax payable by the non-resident investment company on those dividends if they had been derived from a source in the country or territory in which the non-resident investment company is resident. Tax credit (2) A non-resident investment company is entitled to a tax credit equal to the amount of the excess referred to in subsection (1)(b). Defined in this Act: amount , assessable income , development investments , dividend , income tax , income tax liability , non-resident investment company , pay , resident , tax credit , tax year , Compare: 2004 No 35 s KZ 3(3)