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The Issues Log

Issue: LF 8(1), LD 9(1)

Submission Number	114
Submitter	Inland Revenue (PAD)
Section / Provision Income Tax Act 2007	LF 8(1)
Section / Provision Income Tax Act 2004	LD 9(1)
Date Received	07/07/2009
Description of issue	LF 8(1) of the ITA 2007 does not allow for FDP credits to be refundable to tax exempt shareholders (despite referring to exempt shareholders in the title and in OC 1(6)). The equivalent provision in the 2004 Act, LD 9(1), did allow tax exempt shareholders to claim a refund. Give examples: LF 8(1) means that charities cannot claim a refund for FDP credits that they receive from their investments.
Section / Provision Income Tax Act 1994
Status	Pending
Outcome

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