Section CX 51C — Income Tax Act 2007: Disposal of fishing quota emissions units

CX 51C Disposal of fishing quota emissions units Who this section applies to (1) This section applies to a person who disposes of a fishing quota emissions unit other than by surrender. Excluded income: disposal (2) An amount of income that the person derives from the disposal is excluded income if, at the time of the disposal, the person would not derive income, other than exempt income or excluded income, from a disposal of the individual transferable quota to which the emissions unit relates. Defined in this Act: amount , emissions unit , excluded income , exempt income , fishing quota emissions unit Section CX 51C: inserted (with effect on 1 July 2010), on 7 September 2010, by section 18 of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).