Section CC 1 — Income Tax Act 2007: Land

CC 1 Land Income (1) An amount described in subsection (2) is income of the owner of land if they derive the amount from— (a) a lease, licence, or easement affecting the land; or (b) the grant of a right to take the profits of the land. Amounts (2) The amounts are— (a) rent: (b) a fine: (c) a premium: (d) a payment for the goodwill of a business: (e) a payment for the benefit of a statutory licence: (f) a payment for the benefit of a statutory privilege: (g) other revenues. Relationship with section GC 5 (3) The treatment of leases of property to related parties for less than an adequate rent is dealt with in section GC 5 (Leases for inadequate rent). Defined in this Act: amount , business , income , lease , own , pay Compare: 2004 No 35 s CC 1