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Income Tax Act 2007

Income - Terminating provisions

CZ 26: Land and buildings affected by Canterbury earthquakes—sections CB 9 to CB 11 and CB 14 overridden for Crown purchases

You could also call this:

“Special tax rules for selling earthquake-affected Canterbury property to the government”

If you own land or buildings in Canterbury that were affected by earthquakes, there are special rules about selling them to the government. Usually, if you sell property within 10 years of buying it, you might have to pay tax on the money you make. But if the government buys your earthquake-affected property under certain parts of the Greater Christchurch Regeneration Act 2016, you don’t have to worry about those usual tax rules. The government calls this buying process ‘Crown purchases’. This means you won’t have to pay tax on the money you get from selling your property to the government, even if you’ve owned it for less than 10 years. The specific rules that don’t apply in this case are called sections CB 9 to CB 11 and CB 14 of the Income Tax Act.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4883316.

Topics:

Money and consumer rights > Taxes

Housing and property > Buying and selling homes

CZ 25D: Improvements to farmland and horticultural plants affected by North Island flooding events and replaced—insurance or compensation, or

“Rules for farmers and horticulturalists replacing flood-damaged property using insurance money”

CZ 26B: Land and buildings affected by North Island adverse weather event—sections CB 6A and CB 9 to CB 11 overridden for local authority and Crown purchases, or

“Tax rules don't apply when selling flood-damaged property to government or council”

Part C Income
Terminating provisions

CZ 26Land and buildings affected by Canterbury earthquakes—sections CB 9 to CB 11 and CB 14 overridden for Crown purchases

Sections CB 9 to CB 11 and CB 14 (which relate to disposals within 10 years of acquisition) do not apply to a person and land or buildings purchased by the Crown from the person under section 91, 103, or 104 of the Greater Christchurch Regeneration Act 2016.

Notes

Section CZ 26: replaced (with effect on 4 September 2010), on 27 February 2014, by section 29(1) of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).
Section CZ 26 heading: amended, on 27 February 2014, by section 29(2) of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).
Section CZ 26: amended (with effect on 19 April 2016), on 2 June 2016, by section 11 of the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 (2016 No 27).
Section CZ 26: amended, on 27 February 2014, by section 29(3) of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).