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Income Tax Act 2007

Income - Terminating provisions

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

You could also call this:

"No income tax on land sales to Crown or local authority after North Island bad weather"

Illustration for Income Tax Act 2007

If you sell land or buildings to the Crown or a local authority, you might not have to pay income tax on the sale. This is because sections CB 6A and CB 9 to CB 11 do not apply. These sections usually relate to income from selling land. You can get this exemption if the land or buildings were damaged by a bad weather event in the North Island. The Crown or local authority must have bought the 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=LMS952309.

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Topics:
Money and consumer rights > TaxesHousing and property > Buying and selling homesHousing and property > Land use
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CZ 26: Land and buildings affected by Canterbury earthquakes—sections CB 9 to CB 11 and CB 14 overridden for Crown purchases, or

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

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CZ 27: Prior bad debt deductions clawback, or

"Repay past tax deductions for bad debts under new rules"

Part CIncome
Terminating provisions

CZ 26BLand 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

  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 a North Island adverse weather event.

Notes
  • Section CZ 26B: inserted (with effect on 1 April 2022), on , by section 30(1) (and see section 30(2) for application) of the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Act 2024 (2024 No 11).
  • Section CZ 26B heading: amended, on , by section 127 of the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Act 2024 (2024 No 11).
  • Section CZ 26B: amended, on , by section 127 of the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Act 2024 (2024 No 11).