Section RM 13 — Income Tax Act 2007: Limits on refunds for ICA companies

RM 13 Limits on refunds for ICA companies When this section applies (1) This section applies when an ICA company is entitled to— (a) a refund of income tax under sections RM 2 and RM 4 to RM 6 ; or (b) transfer an amount under section RC 32 (Wholly-owned groups of companies). Amount of refund or transfer limited (2) The amount of the refund or transfer must be no more than the credit balance of the ICA company in the imputation credit account at the latest of the following dates: (a) the last day of the tax year that has just ended: (b) the last day of a period for which the company is required to file a return under section 70(1) of the Tax Administration Act 1994: (c) the last day of a period for which the company filed an annual ICA return under section 70(3) of that Act. Time for filing returns (3) Subsection (2) does not apply if the ICA company has an extension of time to file its annual ICA return for a tax year. In that case, the total amount refunded or transferred must be no more than the credit balance of the ICA company in its imputation credit account on the last day of the tax year to which the ICA return relates. Defined in this Act: amount , annual ICA return , ICA company , imputation credit account , income tax , tax year , Compare: 2004 No 35 s MD 2(1), (1A)