Section Sch50-“ 92AB — Income Tax Act 2007: Assessments of liabilities of shareholders of qualifying companies

“ 92AB Assessments of liabilities of shareholders of qualifying companies “ (1) The Commissioner may assess the liability of a shareholder who has agreed under section HA 8 of the Income Tax Act 2007 to be personally liable for their share of the income tax payable by a qualifying company. “ (2) A person assessed under subsection (1) is liable as agent for the company. “ (3) The Commissioner may reduce a person’s agreed liability if, in the relevant income year,— “ (a) they first acquire shares in the company; or “ (b) they dispose of all their shares in the company. “ (4) To reduce a person’s liability under subsection (3),— “ (a) the Commissioner must be satisfied that the reduction is appropriate; and “ (b) the person must provide adequate accounts and other relevant information to show that the company’s income tax liability attributable to the part of the income year in which they were a shareholder is proportionately smaller than the liability attributable to the full income year. “ (5) An assessment of the company or the person does not prevent an assessment of the other. “ Compare: 2004 No 35 s HG 8(1), (2) ” .