Section OZ 4 — Income Tax Act 2007: Terminating modifications to debits for loss of shareholder continuity

OZ 4 Terminating modifications to debits for loss of shareholder continuity The terminating modifications that apply under section OA 8(8) (Shareholder continuity requirements for memorandum accounts) are— (a) the shareholder continuity requirement does not apply to a credit that arises on or before 16 December 1988; and (b) credits arising after 16 December 1988 and before 1 April 1992 are treated as 1 credit arising on 1 April 1992 and, until such time as the credit can be treated as cancelled by later debits,— (i) the shareholder continuity requirement applying to the credit is the earlier version of the requirement incorporated in section 394E(2)(g) of the Income Tax Act 1976 (despite its repeal and replacement by section 51 of the Income Tax Act Amendment Act (No 2) 1992); and (ii) the earlier version of the requirement of section 394E(2)(g) applies by reading the figure “ 66 ” instead of the figure “ 75 ” . Defined in this Act: shareholder , Compare: 2004 No 35 ss ME 5(4) , MG 5(4)