Section RE 17 — Income Tax Act 2007: Replacement payments under share-lending arrangements

RE 17 Replacement payments under share-lending arrangements When this section applies (1) This section applies when a person makes a payment of resident passive income that consists of a replacement payment under a share-lending arrangement. Calculation of amount of tax (2) The amount of tax for the payment is calculated using the formula— tax rate × payment − credit attached − credit transferred − FDP credit transferred. 1 − tax rate Definition of items in formula (3) In the formula,— (a) tax rate is the basic rate set out in schedule 1, part D, clause 5 (Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits): (b) payment is the amount of the replacement payment excluding an imputation credit attached under section OB 64 (Replacement payments): (c) credit attached is the amount of an imputation credit attached to the replacement payment under section OB 64 : (d) credit transferred is the amount of an imputation credit shown in a credit transfer notice relating to the replacement payment: (e) FDP credit transferred is the amount of an FDP credit shown in a credit transfer notice relating to the replacement payment. Defined in this Act: amount , amount of tax , credit transfer notice , FDP credit , imputation credit , pay , replacement payment , resident passive income , share-lending arrangement , Compare: 2004 No 35 s NF 2(1)(g) Section RE 17(3)(a) tax rate : amended, on 1 April 2008, by section 562 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).