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Income Tax Act 2007

Avoidance and non-market transactions - Market value substituted

GC 4B: Disposals of ETS units at below market value

You could also call this:

“Rules for selling emission trading units cheaply no longer apply”

This section of the law used to talk about what happens when you sell your ETS units for less than they’re worth. ETS units are part of a system that helps manage greenhouse gas emissions. However, this part of the law no longer applies. It was removed on 6 October 2009, but the change was meant to work as if it happened on 26 September 2008. If you want to know more about why this change was made, you can look at section 244 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1793800.

Topics:
Environment and resources > Climate and energy
Money and consumer rights > Taxes
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GC 4: Disposals and acquisitions of FIF attributing interests, or

“Rules for buying and selling shares in foreign investment funds”

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GC 5: Leases for inadequate rent, or

“Rules for leases with no or low rent when property is used to earn income”

Part G Avoidance and non-market transactions
Market value substituted

GC 4BDisposals of ETS units at below market value (Repealed)

    Notes
    • Section GC 4B: repealed (with effect on 26 September 2008), on , by section 244 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).