Section OF 3 — Income Tax Act 2007: Choosing to become ASC account company

OF 3 Choosing to become ASC account company Election (1) A company may choose to become an ASC account company if— (a) it is a public unit trust or a group investment fund that derives category A income; and (b) it has issued shares on terms that their redemption will be subject to section CD 22(4) (Returns of capital: off-market share cancellations). Notifying Commissioner (2) A company that makes an election under subsection (1) must notify the Commissioner of the election no later than the day on which the company is required to file a return of income for the tax year that corresponds to the income year in which the election is made. Effect of election (3) An ASC account company must maintain the ASC account referred to in section OF 1(2) from the day the company chooses to become an ASC account company. Defined in this Act: ASC account company , category A income , Commissioner , company , group investment fund , income year , notify , public unit trust , return of income , share , tax year , Compare: 2004 No 35 s MJ 1(1)