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Amendment of section 865 of Principal Act (repayment of tax)
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84. (1) Section 865 of the Principal Act is amended by inserting the following subsection after subsection (9):
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“(10) (a) In this subsection—
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‘successor company’ has the meaning assigned to it by section 638A(1);
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‘transferor company’ has the meaning assigned to it by section 638A(1).
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(b) Where a transferor company is a person to whom subsection (2) applies, this section shall apply as if any thing done pursuant to it or required to be done pursuant to it by or for such a person or a chargeable person, as the case may be, were, as appropriate—
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(i) a thing done pursuant to it, or
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(ii) a thing required to be done pursuant to it,
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by or for a successor company.
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(c) Where there is more than one successor company, any repayment of tax to be made under this section shall, as necessary, be apportioned on a just and reasonable basis.
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(d) The amount of any repayment of tax or part repayment of tax to be made to a successor company or successor companies shall not exceed the total amount that would have been made to a transferor company but for the application of this subsection.”.
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(2) Subsection (1) is deemed to have come into operation on 1 June 2015.
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