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Income Tax Act 2007

Recharacterisation of certain transactions - Tax relief for emergencies - Optional rule for valuation of group assets

FP 27: Certain land and buildings affected by emergency event

You could also call this:

“Help for land and building owners after a disaster”

If you own land or buildings that are damaged in an emergency, some rules do not apply. These rules are in sections CB 6A and CB 9 to CB 11, which are about income from selling land. They do not apply if the Crown or a local authority buys the damaged land or buildings from you.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS1432234.

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Part F Recharacterisation of certain transactions
Tax relief for emergencies: Optional rule for valuation of group assets

FP 27Certain land and buildings affected by emergency event

  1. Sections CB 6A and CB 9 to CB 11 (which relate to income from disposals of land) do not apply to a person and land or buildings, or both, purchased by the Crown or a local authority from the person if the land or buildings, or both, were damaged by an emergency event.

Notes
  • Section FP 27: inserted, on , by section 65 of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).