Section 700 — Income Tax Act 2007: Timing of assessments ...

Timing of assessments ... 700 1 This section applies if section 684 (person liable to counteraction of income tax advantage) applies to a person because the person is in a position to obtain or has obtained an income tax advantage by falling within the circumstances mentioned in section 685(2)(c) or (3) when share capital is repaid.

2 An assessment to income tax made in accordance with a counteraction notice must be an assessment for the tax year in which the repayment occurs.

3 The references in this section to the repayment of share capital include references to any distribution made in respect of any shares in a winding up or dissolution of the company.

4 In subsection (3) “ shares ” includes stock and any other interest of a member in a company.