Part 12Supplementary provisions
Chapter 5Miscellaneous
Tax agreements for income tax purposes
565Tax agreements for income tax purposes
1
This section applies if—
a
a person is entitled to an allowance for income tax purposes,
b
that person enters into a tax agreement with the Inland Revenue for the tax year in which the allowance would be given effect, and
c
no assessment giving effect to the allowance is made for that tax year.
2
In this section “tax agreement” means an agreement in writing as to the extent to which the allowance in question is to be given effect for the tax year in question.
3
If this section applies, the allowance is to be treated as if it had been given effect under an assessment—
a
for the tax year for which the tax agreement is made, and
b
to the extent set out in the tax agreement.
4
A tax agreement may relate to any method by which allowances are given effect under this Act.