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CX 51: Income equalisation schemes
or “Rules for getting money back from income smoothing schemes for farmers and fishers”
You could also call this:

“Rules for selling forest-related units from pre-1990 land”

This law is about selling special units related to forests that existed before 1990. You need to know about this if you have these units and want to sell them.

When you sell these units, you might make some money. The law says that sometimes, this money doesn’t count as income you have to pay tax on. This happens when, at the time you sell the unit, you wouldn’t have to pay tax if you sold the forest land itself without any trees on it.

Remember, this only applies when you’re selling the unit, not when you’re giving it up (which is called ‘surrendering’ it).

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Next up: CX 51C: Disposal of fishing quota emissions units

or “How selling or disposing of fishing quota emissions units affects your income”
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Part C Income
Excluded income: Definitions

CX 51BDisposal of pre-1990 forest land emissions units

  1. This section applies to a person who disposes of a pre-1990 forest land emissions unit other than by surrender.

  2. An amount of income that the person derives from the disposal is excluded income if, at the time of the disposal, the person would not derive income, other than exempt income or excluded income, from a disposal without timber of the pre-1990 forest land to which the emissions unit relates.

Notes
  • Section CX 51B: inserted (with effect on 26 September 2008), on , by section 61 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).