Part F
Recharacterisation of certain transactions
Transfers of relationship property
FB 7Land with standing timber
This section applies for the purposes of section CB 25 (Disposal of land with standing timber) when—
- land with standing timber on it is transferred on a settlement of relationship property; and
- the standing timber does not consist of ornamental or incidental trees, as evidenced by a certificate given under section 44C of the Tax Administration Act 1994.
The transfer is treated as if—
- it were a disposal and acquisition for consideration; and
- the amount of consideration were equal to the total cost of timber to the transferor at the date of transfer.
Compare
- 2004 No 35 s FF 7(3), (4)