Section CX 53 — Income Tax Act 2007: Credits for inflation-indexed instruments

CX 53 Credits for inflation-indexed instruments When this section applies (1) This section applies when— (a) an amount payable to a person who is a lender for money lent is determined by a fixed relationship to 1 or more indices of general price inflation in New Zealand; and (b) an amount on account of an increase in the amount payable is credited to the lender’s account by the borrower; and (c) the credit represents a recovery of a decrease, previously debited in account, in the amount payable over a previous period. Excluded income (2) The credit is excluded income of the lender. Defined in this Act: amount , excluded income , money lent , New Zealand , pay Compare: 2004 No 35 s CX 44