Part O
Memorandum accounts
Available subscribed capital accounts (ASCA)
OF 1General rules for companies with ASC accounts
A public unit trust or a group investment fund that derives category A income may choose to become an available subscribed capital (ASC) account company. This section does not apply to a multi-rate PIE.
An ASC account company must maintain an ASC account for a tax year. The account is a record of ASC credits and ASC debits that arise in the account during the tax year.
Credits to the account include redemption proceeds that are less than the ASC company’s available subscribed capital calculated under the slice rule.
Debits to the account include a transfer of a credit balance to the company’s imputation credit account.
Notes
- Section OF 1(1): amended, on (applying for the 2010–11 and later income years), by section 438(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
- Section OF 1 list of defined terms multi-rate PIE: inserted, on , by section 438(2)(b) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
- Section OF 1 list of defined terms portfolio tax rate entity: repealed, on , by section 438(2)(a) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).