Section OC 32 — Income Tax Act 2007: Reduction of further income tax

OC 32 Reduction of further income tax Debit at previous year-end (1) An FDPA company's liability for further income tax under section OC 30 or OC 31 may be reduced under subsection (2) if— (a) a debit balance existed in the company’s FDP account at the end of a tax year; and (b) a credit that arises in the account in the following tax year is less than the debit balance; and (c) the company notifies the Commissioner. Amount of reduction (2) The liability is reduced by the amount that is the debit balance for the tax year less the total amount of credits for the following tax year. Defined in this Act: amount , Commissioner , FDP account , FDP credit , FDPA company , further income tax , notify , tax year , Compare: 2004 No 35 s MG 9(7), (8) Section OC 32 heading: amended (with effect on 30 June 2009), on 6 October 2009, by section 415(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OC 32(1): amended (with effect on 30 June 2009), on 6 October 2009, by section 415(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OC 32 list of defined terms further FDP : repealed (with effect on 30 June 2009), on 6 October 2009, by section 415(3)(a) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OC 32 list of defined terms further income tax : inserted (with effect on 30 June 2009), on 6 October 2009, by section 415(3)(b) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).