Suggest a correction

Modification or exception to Act or Economic Expansion Incentives (Relief from Income Tax) Act 1967 for deductions, allowances and writing-down allowances claimable for more than one year of assessment

Income Tax (Amalgamation of Companies) Regulations 2011

Match the official source exactly.

What needs fixing?

Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) Where —(a)an amalgamating company was entitled to any deduction, allowance or writing-down allowance under any provision of the Act or the Economic Expansion Incentives (Relief from Income Tax) Act 1967 in respect of any expenditure incurred by the amalgamating company in relation to any property;(b)the amalgamating company ceased to exist upon the amalgamation in a basis period relating to any year of assessment;(c)the property is transferred to the amalgamated company pursuant to the amalgamation; and(d)the amalgamating company would have, but for the amalgamation, continued to be entitled to any deduction, allowance or writing-down allowance under that provision of the Act or the Economic Expansion Incentives (Relief from Income Tax) Act 1967 in respect of that expenditure in any subsequent year of assessment,then —(i)subject to paragraph (2), the amalgamated company shall be entitled to the deduction, allowance or writing-down allowance referred to in sub-paragraph (d) as if it were the amalgamating company; and(ii)such transfer of the property shall not —(A)be considered to be a transfer, sale, disposal or assignment of the property by the amalgamating company for the purposes of that provision of the Act or the Economic Expansion Incentives (Relief from Income Tax) Act 1967; or(B)be considered to have resulted in the property ceasing to belong to the amalgamating company for the purpose of section 20 of the Act,as the case may be.(2) Notwithstanding paragraph (1)(i), where the amalgamating company would not have been entitled to any deduction, allowance or writing-down allowance referred to in that paragraph but for any approval granted by the Minister or such person as he may appoint, the amalgamated company shall not be entitled to the deduction, allowance or writing-down allowance unless the amalgamated company itself is granted the same approval.(3) For the avoidance of doubt, save as is provided in paragraph (1)(ii), the provision of the Act or the Economic Expansion Incentives (Relief from Income Tax) Act 1967 under which the amalgamating company was entitled to the deduction, allowance or writing-down allowance shall apply to the amalgamated company as if it were the amalgamating company.(4) This regulation is without prejudice to any other modification or exception made by these Regulations to that provision of the Act or the Economic Expansion Incentives (Relief from Income Tax) Act 1967.

What's the problem? (required)

Source link (optional)

Describe the problem (and edit the text or pick an issue type) to submit.

Suggestions are submitted anonymously. No account or personal information is required or sent.