Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012

112 Qualifying companies: transition into look-through companies
  • (1) In section HZ 4C(2), in the words before the paragraphs, the look-through company is replaced by the look-through company for the transitional income year and later years.

    (2) Section HZ 4C(2)(a) is replaced by the following:

    • (a) for calculating amounts under section HB 11(5)(a) for shares that were held at the end of the income year (the last year) before the transitional income year, they may choose to use the market value or the accounting book value of those shares as at the end of the last year. Calculations under section HB 11(7)(b) and (8)(b) are changed to account for the valuation under this paragraph; or.