Section Sch50-“ 32M — Income Tax Act 2007: Persons with approved issuer status

“ 32M Persons with approved issuer status “ (1) A person who borrows, or has borrowed, or will borrow money, may apply to the Commissioner to have approved issuer status for the purposes of the NRWT rules. “ (2) On making an application under subsection (1), the person is an approved issuer from the date of the application unless the Commissioner— “ (a) considers that they have been responsible for serious default or neglect in complying with their obligations under the Inland Revenue Acts in the 2-year period leading up to the date of application; and “ (b) notifies the person within 20 working days after the date of receiving the application that the application is declined. “ (3) The Commissioner may revoke a person’s approved issuer status at a particular time if— “ (a) the Commissioner considers that the person has been responsible for serious default or neglect in complying with their obligations under the Inland Revenue Acts in the 2-year period leading up to that time; or “ (b) the person asks for revocation of the status. “ (4) The Commissioner must notify the person of a revocation under subsection (3). “ (5) Despite subsection (3), the person continues to have approved issuer status for the purposes of the NRWT rules and Part 6B of the Stamp and Cheque Duties Act 1971 in relation to a payment of interest made after the date of revocation for money lent to the person under a registered security while the person was an approved issuer and before the date of the revocation. “ Compare: 2004 No 35 ss NG 5–NG 7