Section CC 3 — Income Tax Act 2007: Financial arrangements

CC 3 Financial arrangements Income: party to financial arrangement (1) If a person who is a party to a financial arrangement is treated as deriving an amount of income under the financial arrangement under subpart EW (Financial arrangements rules), the amount is income of the person. Income: trustee (2) Income derived by a trustee in the circumstances described in section EW 50 (Income when debt forgiven to trustee) is income of the trustee. Defined in this Act: amount , financial arrangement , income , trustee Compare: 2004 No 35 s CC 3