Section CZ 13 — Income Tax Act 2007: Treatment of units and interests in unit trusts and group investment funds on issue as at 1 April 1996

CZ 13 Treatment of units and interests in unit trusts and group investment funds on issue as at 1 April 1996 Units and interests in unit trusts and group investment funds (1) All units in a unit trust and interests in a group investment fund on issue on 1 April 1996 are treated, on and from that date, as not having been issued on terms that their redemption would be subject to the slice rule. Election made for units or interests (2) All units or interests to which subsection (1) applies and for which an election has been made relying on paragraph (c) of the definition of the term shares of the same class in section YA 1 (Definitions) are treated on and from 1 April 1996 as if the election made in reliance upon paragraph (c) had never been made. Exclusion (3) This section does not apply to a unit or interest if the manager or trustee of the unit trust or group investment fund so chooses, by giving notice to the Commissioner before 1 April 1996, in which case the relevant unit or interest is treated, on and from 1 April 1996, as having been issued on terms that its redemption would be subject to the slice rule. Defined in this Act: Commissioner , group investment fund , notice , shares of the same class , slice rule , trustee , unit trust , Compare: 2004 No 35 s CZ 13