Section CB 11 — Income Tax Act 2007: Disposal within 10 years of improvement: building business

CB 11 Disposal within 10 years of improvement: building business Income (1) An amount that a person derives from disposing of land is income of the person if— (a) they dispose of the land within 10 years of completing improvements to it; and (b) at the time they began the improvements, they carried on a business of erecting buildings, whether or not the land was acquired for the purpose of the business. Income: associated person in business of erecting buildings (2) An amount that a person ( person A ) derives from disposing of land within 10 years of completing improvements on it is income of person A if another person ( person B ) associated with person A at the time the improvements were begun carried on a business of erecting buildings, whether or not— (a) person A carried on a business of erecting buildings; or (b) the land was acquired for the purpose of person B’s business. Exclusions (3) Subsections (1) and (2) are overridden by the exclusions for residential land in section CB 16 and for business premises in section CB 19 . Defined in this Act: amount , associated person , business , dispose , improvements , income , land , year Compare: 2004 No 35 s CB 9