EZ 80Refund of excess deposit in main income equalisation account as consequence of election under section EZ 4B or FP 23

1. This section applies when—

2. a person makes an election under section EZ 4B(2) (Cattle destroyed because of Mycoplasma bovis: spreading) or FP 23(3) (Livestock destroyed because of emergency events); and
3. as a consequence of the election, the person’s deposits for an accounting year, less the amount of any refund made to the person for the accounting year under section EH 8 (Refund of excess deposit), are more than their main maximum deposit for the accounting year.

4. The Commissioner must refund the excess to the person from deposits the person made for the accounting year—

5. to the extent to which, at the time the election is made, the person has sufficient deposits made for the accounting year in their main income equalisation account to enable the Commissioner to do so; and
6. as soon as practicable after the election is made.

7. The amount of the refund must include any interest payable under section EH 6 (Interest on deposits in main income equalisation account) on a deposit from which the excess must be refunded.

8. Subsection (5) applies when the Commissioner is unable to refund the full amount of the excess to the person from deposits the person made for the accounting year because some or all of those deposits (the refunded deposits) have already been refunded to the person under section EH 13 or EH 15 (which relate to refunds from main income equalisation accounts).

9. The earliest of the refunded deposits to have been refunded, to the extent necessary to make up the shortfall, are treated as—

10. not having been refunded under section EH 13 or EH 15, as applicable; and
11. having been refunded under this section.

12. A refund under this section is,—

13. to the extent to which the refund is interest payable under section EH 6, income under section CZ 37(1) (Income equalisation schemes); and
14. to the extent to which the refund is not interest payable under section EH 6, excluded income under section CZ 37(2).

15. Section EH 6 applies to a deposit that forms all or part of the excess, other than a deposit that has been refunded before the election is made, with the following modifications:

16. interest is computed with daily rests from the date of acknowledgment of the receipt of the deposit until the date the election is made:
17. interest on the deposit accrues until the earlier of—
    1. 31 March in each year; and
    2. the date the election is made.

18. This section overrides section EH 8.