Section OB 33 — Income Tax Act 2007: ICA amount applied to pay other taxes

OB 33 ICA amount applied to pay other taxes Debit (1) An ICA company has an imputation debit for— (a) an amount of overpaid income tax applied to pay an amount due under the Inland Revenue Acts: (b) an increased amount of tax as described in section RP 17B(3) (Tax pooling accounts and their use) applied to pay an amount due under the Inland Revenue Acts other than income tax. Table reference (2) The imputation debit in subsection (1) is referred to in table O2: imputation debits, row 5 (amount applied to pay other taxes). No debit (3) A debit under subsection (1) does not include an amount of overpaid income tax— (a) applied to satisfy a liability for income tax or provisional tax; or (b) relating to income tax paid before an imputation debit arises under section OB 41 (table O2: imputation debits, row 14 (debit for loss of shareholder continuity)), but only to the extent to which the amount of overpaid income tax is no more than the amount of the debit for loss of shareholder continuity. Debit date (4) The debit date is the day the amount is applied. Relationship with section OB 37 (5) This section does not apply to an amount that gives rise to a debit under section OB 37 . Defined in this Act: amount , ICA company , imputation debit , income tax , Inland Revenue Acts , pay , provisional tax , shareholder , Compare: 2004 No 35 s ME 5(1)(l), (2)(k) Section OB 33(1): substituted, on 6 October 2009, by section 389(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OB 33(5) heading: added (with effect on 1 April 2008), on 6 October 2009, by section 389(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OB 33(5): added (with effect on 1 April 2008), on 6 October 2009, by section 389(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).