Part E
Timing and quantifying rules
Valuation of livestock:
Definitions
EC 47BRemoval of high-priced bloodstock from New Zealand after earlier deductions
This section applies when—
- high-priced bloodstock is removed from New Zealand before being—
- first raced in New Zealand:
- used for breeding in New Zealand; and
- first raced in New Zealand:
- a person who is a prospective bloodstock breeder has been allowed a deduction in relation to the high-priced bloodstock.
The person is treated as having disposed of the high-priced bloodstock.
Notes
- Section EC 47B: inserted (with effect on 1 January 2019), on , by section 162(1) (and see section 162(2) for application) of the Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 (2019 No 5).