Finance Act 2007 · s 39

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39.
Balance for credit
(1)	 For the purposes of this Part, the balance for the credit of a company as at 31 December 2007 (hereinafter referred to in this Part as “108 balance”) shall consist of—
(a)	 the amount of the balance for the credit of that company at the end of the basis period for a year of assessment 2007 ascertained under subsection 108(8) of the principal
Act prior to the coming into operation of this Act;
(b)	 the amount of the balance for the credit of that company ascertained under section 23 of the Income Tax
(Amendment) Act 2000 [Act A1093] as at 31 December 2007; and
(c)	 where the basis period of the company for the year of assessment 2007 ends—
(i)	 on a day other than 31 December 2007, any tax paid during the period from the first day of the basis period of that company for the year of assessment 2008 to 31 December 2007; or
(ii)	 on 31 December 2007, the final instalment paid under section 107c of the principal Act in respect of that basis period.
(2)	 Except as provided in subparagraph (c)(ii), any tax paid or tax charged on any assessment or composite assessment made after 31 December 2007 shall not be added to the 108 balance or revised 108 balance.
(3)	 In this section, “tax paid” has the same meaning assigned to it in subsection 108(14) of the principal Act prior to the coming into operation of this Act.

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s 39Balance for credit

(1)

For the purposes of this Part, the balance for the credit of a company as at 31 December 2007 (hereinafter referred to in this Part as “108 balance”) shall consist of—

(a)

the amount of the balance for the credit of that company at the end of the basis period for a year of assessment 2007 ascertained under subsection 108(8) of the principal

Act prior to the coming into operation of this Act;

(b)

the amount of the balance for the credit of that company ascertained under section 23 of the Income Tax

(Amendment) Act 2000 [Act A1093] as at 31 December 2007; and

(c)

where the basis period of the company for the year of assessment 2007 ends—

(i)

on a day other than 31 December 2007, any tax paid during the period from the first day of the basis period of that company for the year of assessment 2008 to 31 December 2007; or

(ii)

on 31 December 2007, the final instalment paid under section 107c of the principal Act in respect of that basis period.

(2)

Except as provided in subparagraph (c)(ii), any tax paid or tax charged on any assessment or composite assessment made after 31 December 2007 shall not be added to the 108 balance or revised 108 balance.

(3)

In this section, “tax paid” has the same meaning assigned to it in subsection 108(14) of the principal Act prior to the coming into operation of this Act.