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IR4J Question 9 Closing balance

Question 9

Where payment of a debit balance is made for an imputation group, attach details of how the income tax credit should be allocated to group members to the return.

Question 9A Adjustments to debit balances

If a qualifying company has received an income tax refund after 1 April 1995 that has created a debit balance in the ICA, no further income tax is paid on any refunds received.

If the company has a debit balance as a result of income tax refunded after 1 April 2019, please subtract the amount refunded at Box 9A.

If the closing balance is a credit, there is nothing to pay.

If the closing balance at Box 9B is a debit, it must be paid by 20 June 2020.

There are two types of relief from payment of debit ICA balances:
– offsetting income tax payments
– same debit ICA balances reflected in successive years.

For more information see the Tax Information Bulletin (TIB) Vol 16, No 1 (February 2004).

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