New Zealand Acts

WHAKATŌHEA CLAIMS SETTLEMENT ACT 2024 - SECT 203

203 Taxation in respect of assets and liabilities of relevant subsidiaries

1 This section applies if—

a) the assets and liabilities of a relevant subsidiary remain the assets and liabilities of the subsidiary; and

b) income of the relevant subsidiary derived from a financial arrangement, trading stock, revenue account property, or depreciable property is exempt income of the subsidiary before the commencement of this Act, and ceases to be exempt income as a result of the application of section 183(1) .

2 The relevant subsidiary is to be treated as having acquired the financial arrangement, trading stock, revenue account property, or depreciable property for a consideration that is its market value on the date of the commencement of this Act.