Income Tax Act 2007

Timing and quantifying rules - Controlled foreign company and foreign investment fund rules - Attributing interests in FIFs

EX 37B: Share in grey list company acquired under venture investment agreement

You could also call this:

"Buying shares in a foreign company under a special investment agreement"

You have rights in a foreign investment fund, or FIF. If the FIF is a grey list company, your rights are not an attributing interest. This happens when you buy a share in the company under a venture investment agreement. You must buy the share at the same time and on the same terms as New Zealand Growth Capital Partners Limited. They must also be buying an interest in the FIF. This rule applies to you and to companies owned by New Zealand Growth Capital Partners Limited. You can find more information about this rule by looking at s EX 37(4B) and section 389 of the Taxation (Business Taxation and Remedial Matters) Act 2007, and section 49 of the Statutes Amendment Act 2025.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1699205.

This page was last updated on 1 January 2026 — View changes

Topics:

Money and consumer rights > TaxesBusiness > Industry rules

EX 37: Grey list company owning New Zealand venture capital company: 10-year exemption, or

"10-year tax exemption for overseas companies investing in New Zealand venture capital"

EX 38: Exemptions for employee share schemes, or

"Certain employee share schemes exempt from Foreign Investment Fund rules"

Part ETiming and quantifying rules
Controlled foreign company and foreign investment fund rules: Attributing interests in FIFs

EX 37BShare in grey list company acquired under venture investment agreement

A person's rights in a FIF in an income year are not an attributing interest if—
the FIF is a grey list company; and
the person first acquires a share or option to buy a share in the company—
1. under a venture investment agreement; and
2. at the same time and on the same terms as an acquisition of an interest in the FIF by New Zealand Growth Capital Partners Limited or a company owned by New Zealand Growth Capital Partners Limited.

Compare

2004 No 35 s EX 37(4B)

Notes

Section EX 37B: inserted, on 1 April 2008, by section 389 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
Section EX 37B(b)(ii): amended, on 27 November 2025, by section 49 of the Statutes Amendment Act 2025 (2025 No 74).