“This provision about crediting back a policyholder credit account balance has been removed”
This part of the law used to talk about something called ‘Credit-back of PCA balance’. It was part of a bigger section about ‘Memorandum accounts’ in the Income Tax Act 2007. However, this specific rule doesn’t exist anymore. The government removed it on 30 March 2017. If you need to know more about this topic, you might want to look at other parts of the Income Tax Act 2007 that are still in use.
“This part outlines the rules for paying various taxes and other amounts to Inland Revenue”
Part O
Memorandum accounts
Terminating provisions
OZ 18Credit-back of PCA balance (Repealed)
Notes
Section OZ 18: repealed, on , by section 255 of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
