Part L
Tax credits and other credits
Tax credits for imputation credits
LE 7BCredit of RSCT for imputation credit
A retirement scheme contributor who attaches an imputation credit to a retirement scheme contribution for a person in an income year has a tax credit for the corresponding tax year of an amount equal to the lesser of—
- the amount of the imputation credit:
- the liability of the contributor for RSCT on the contribution.
If the amount of the imputation credit is more than the liability of the contributor for RSCT on the contribution,—
- the amount of the excess is treated as an imputation credit attached to a distribution from the contributor to the person; and
- the person responsible for withholding the RSCT must, within 30 days of the contribution, notify the person of the amount of the excess credit.
Compare
- 2004 No 35 s LB 3
Notes
- Section LE 7B: inserted, on , by section 442 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).