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I-3 - Taxation Act
Section 1029.8.33.7
Disposition versions
1029.8.33.7. Where a qualified partnership makes a qualified expenditure at any particular time, each eligible taxpayer who is a member of that partnership throughout the period commencing at that particular time and ending at the end of the fiscal period of the qualified partnership in which the expenditure is made and encloses, with his fiscal return he is required to file under section 1000 for his taxation year in which the fiscal period of the partnership ends, the prescribed form containing the prescribed information, is deemed, subject to the second paragraph, to have paid to the Minister on the taxpayer’s balance-due day for that year, as partial payment of his tax payable for that year pursuant to this Part, an amount equal to 12% of his share of the expenditure.
For the purpose of computing the payments that a taxpayer referred to in the first paragraph is required to make under section 1025 or 1026, subparagraph a of the first paragraph of section 1027, or any of sections 1145, 1159.7, 1175 and 1175.19 where they refer to that subparagraph a, for the taxpayer’s taxation year in which the fiscal period of the qualified partnership ends, the taxpayer is deemed to have paid to the Minister, on account of the aggregate of the taxpayer’s tax payable for the year under this Part and of the taxpayer’s tax payable for the year under Parts IV, IV.1, VI and VI.1, on the date on or before which each payment is required to be made, an amount equal to the lesser of
(a) the amount by which the amount determined under the first paragraph for the year exceeds the aggregate of all amounts each of which is the portion of that amount that may reasonably be considered to be deemed to have been paid to the Minister under this paragraph in the year but before that date; and
(b) the amount by which the amount of that payment, determined without reference to this chapter, exceeds the aggregate of all amounts each of which is an amount that is deemed, under this chapter but otherwise than under the first paragraph, to have been paid to the Minister on that date, for the purpose of computing that payment.
For the purposes of the first paragraph, an eligible taxpayer’s share of a qualified expenditure made by a qualified partnership of which the eligible taxpayer is a member is equal to the agreed proportion of the expenditure in respect of the eligible taxpayer for the partnership’s fiscal period that ends in the eligible taxpayer’s taxation year.
1029.8.33.7. Where a qualified partnership makes a qualified expenditure at any particular time, each eligible taxpayer who is a member of that partnership throughout the period commencing at that particular time and ending at the end of the fiscal period of the qualified partnership in which the expenditure is made and encloses, with his fiscal return he is required to file under section 1000 for his taxation year in which the fiscal period of the partnership ends, the prescribed form containing the prescribed information, is deemed, subject to the second paragraph, to have paid to the Minister on the taxpayer’s balance-due day for that year, as partial payment of his tax payable for that year pursuant to this Part, an amount equal to 15% of his share of the expenditure.
For the purpose of computing the payments that a taxpayer referred to in the first paragraph is required to make under section 1025 or 1026, subparagraph a of the first paragraph of section 1027, or any of sections 1145, 1159.7, 1175 and 1175.19 where they refer to that subparagraph a, for the taxpayer’s taxation year in which the fiscal period of the qualified partnership ends, the taxpayer is deemed to have paid to the Minister, on account of the aggregate of the taxpayer’s tax payable for the year under this Part and of the taxpayer’s tax payable for the year under Parts IV, IV.1, VI and VI.1, on the date on or before which each payment is required to be made, an amount equal to the lesser of
(a) the amount by which the amount determined under the first paragraph for the year exceeds the aggregate of all amounts each of which is the portion of that amount that may reasonably be considered to be deemed to have been paid to the Minister under this paragraph in the year but before that date; and
(b) the amount by which the amount of that payment, determined without reference to this chapter, exceeds the aggregate of all amounts each of which is an amount that is deemed, under this chapter but otherwise than under the first paragraph, to have been paid to the Minister on that date, for the purpose of computing that payment.
For the purposes of the first paragraph, an eligible taxpayer’s share of a qualified expenditure made by a qualified partnership of which the eligible taxpayer is a member is equal to the agreed proportion of the expenditure in respect of the eligible taxpayer for the partnership’s fiscal period that ends in the eligible taxpayer’s taxation year.
1029.8.33.7. Where a qualified partnership makes a qualified expenditure at any particular time, each eligible taxpayer who is a member of that partnership throughout the period commencing at that particular time and ending at the end of the fiscal period of the qualified partnership in which the expenditure is made and encloses, with his fiscal return he is required to file under section 1000 for his taxation year in which the fiscal period of the partnership ends, the prescribed form containing the prescribed information, is deemed, subject to the second paragraph, to have paid to the Minister on the taxpayer’s balance-due day for that year, as partial payment of his tax payable for that year pursuant to this Part, an amount equal to 15% of his share of the expenditure.
For the purpose of computing the payments that a taxpayer referred to in the first paragraph is required to make under section 1025 or 1026, subparagraph a of the first paragraph of section 1027, or any of sections 1145, 1159.7, 1175 and 1175.19 where they refer to that subparagraph a, for the taxpayer’s taxation year in which the fiscal period of the qualified partnership ends, the taxpayer is deemed to have paid to the Minister, on account of the aggregate of the taxpayer’s tax payable for the year under this Part and of the taxpayer’s tax payable for the year under Parts IV, IV.1, VI and VI.1, on the date on or before which each payment is required to be made, an amount equal to the lesser of
(a) the amount by which the amount determined under the first paragraph for the year exceeds the aggregate of all amounts each of which is the portion of that amount that may reasonably be considered to be deemed to have been paid to the Minister under this paragraph in the year but before that date; and
(b) the amount by which the amount of that payment, determined without reference to this chapter, exceeds the aggregate of all amounts each of which is an amount that is deemed, under this chapter but otherwise than under the first paragraph, to have been paid to the Minister on that date, for the purpose of computing that payment.
For the purposes of the first paragraph, the share of an eligible taxpayer of a qualified expenditure made by a qualified partnership of which he is a member is equal to such proportion of that expenditure as the share of the eligible taxpayer of the income or loss of the partnership for the fiscal period of the partnership ending in his taxation year is of the income or loss of the partnership for that fiscal period, on the assumption that, if the income and loss of the partnership for that fiscal period are nil, the partnership’s income for that fiscal period is equal to $1,000,000.
1029.8.33.7. Where a qualified partnership makes a qualified expenditure at any particular time, each eligible taxpayer who is a member of that partnership throughout the period commencing at that particular time and ending at the end of the fiscal period of the qualified partnership in which the expenditure is made and encloses, with his fiscal return he is required to file under section 1000 for his taxation year in which the fiscal period of the partnership ends, the prescribed form containing the prescribed information, is deemed, subject to the second paragraph, to have paid to the Minister on the taxpayer’s balance-due day for that year, as partial payment of his tax payable for that year pursuant to this Part, an amount equal to 15% of his share of the expenditure if the qualified training period to which it relates begins before 1 January 2007.
For the purpose of computing the payments that a taxpayer referred to in the first paragraph is required to make under section 1025 or 1026, subparagraph a of the first paragraph of section 1027, or any of sections 1145, 1159.7, 1175 and 1175.19 where they refer to that subparagraph a, for the taxpayer’s taxation year in which the fiscal period of the qualified partnership ends, the taxpayer is deemed to have paid to the Minister, on account of the aggregate of the taxpayer’s tax payable for the year under this Part and of the taxpayer’s tax payable for the year under Parts IV, IV.1, VI and VI.1, on the date on or before which each payment is required to be made, an amount equal to the lesser of
(a) the amount by which the amount determined under the first paragraph for the year exceeds the aggregate of all amounts each of which is the portion of that amount that may reasonably be considered to be deemed to have been paid to the Minister under this paragraph in the year but before that date; and
(b) the amount by which the amount of that payment, determined without reference to this chapter, exceeds the aggregate of all amounts each of which is an amount that is deemed, under this chapter but otherwise than under the first paragraph, to have been paid to the Minister on that date, for the purpose of computing that payment.
For the purposes of the first paragraph, the share of an eligible taxpayer of a qualified expenditure made by a qualified partnership of which he is a member is equal to such proportion of that expenditure as the share of the eligible taxpayer of the income or loss of the partnership for the fiscal period of the partnership ending in his taxation year is of the income or loss of the partnership for that fiscal period, on the assumption that, if the income and loss of the partnership for that fiscal period are nil, the partnership’s income for that fiscal period is equal to $1,000,000.
1029.8.33.7. Where a qualified partnership makes a qualified expenditure at any particular time, each eligible taxpayer who is a member of that partnership throughout the period commencing at that particular time and ending at the end of the fiscal period of the qualified partnership in which the expenditure is made and encloses, with his fiscal return he is required to file under section 1000 for his taxation year in which the fiscal period of the partnership ends, the prescribed form containing the prescribed information, is deemed, subject to the second paragraph, to have paid to the Minister on the taxpayer’s balance-due day for that year, as partial payment of his tax payable for that year pursuant to this Part, an amount equal to 15% of his share of the expenditure if the qualified training period to which it relates begins before 1 January 2006.
For the purpose of computing the payments that a taxpayer referred to in the first paragraph is required to make under section 1025 or 1026, subparagraph a of the first paragraph of section 1027, or any of sections 1145, 1159.7, 1175 and 1175.19 where they refer to that subparagraph a, for the taxpayer’s taxation year in which the fiscal period of the qualified partnership ends, the taxpayer is deemed to have paid to the Minister, on account of the aggregate of the taxpayer’s tax payable for the year under this Part and of the taxpayer’s tax payable for the year under Parts IV, IV.1, VI and VI.1, on the date on or before which each payment is required to be made, an amount equal to the lesser of
(a) the amount by which the amount determined under the first paragraph for the year exceeds the aggregate of all amounts each of which is the portion of that amount that may reasonably be considered to be deemed to have been paid to the Minister under this paragraph in the year but before that date; and
(b) the amount by which the amount of that payment, determined without reference to this chapter, exceeds the aggregate of all amounts each of which is an amount that is deemed, under this chapter but otherwise than under the first paragraph, to have been paid to the Minister on that date, for the purpose of computing that payment.
For the purposes of the first paragraph, the share of an eligible taxpayer of a qualified expenditure made by a qualified partnership of which he is a member is equal to such proportion of that expenditure as the share of the eligible taxpayer of the income or loss of the partnership for the fiscal period of the partnership ending in his taxation year is of the income or loss of the partnership for that fiscal period, on the assumption that, if the income and loss of the partnership for that fiscal period are nil, the partnership’s income for that fiscal period is equal to $1,000,000.
