Section CC 8B — Income Tax Act 2007: Certain commercial bills: non-resident holders

CC 8B Certain commercial bills: non-resident holders When this section applies (1) This section applies when a non-resident holder of a commercial bill who is required to calculate and allocate income and expenditure under neither the financial arrangements rules nor the old financial arrangements rules because of the application of section EW 9(2) to (4) or EZ 45(e) (which relate to the application of the rules)— (a) disposes of the commercial bill other than by redemption; or (b) redeems a commercial bill whose issuer is an associated person of the non-resident. Income: disposal (2) The value of the commercial bill on the day the non-resident holder disposes of it is income of the person. Income: redemption (3) The amount that the non-resident holder receives on redemption is income of the person. Defined in this Act: amount , commercial bill , financial arrangements rules , income , non-resident , old financial arrangements rules Compare: 2004 No 35 s CZ 8 Section CC 8B: inserted (with effect on 1 April 2008), on 6 October 2009, by section 11(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).