Section DP 8 — Income Tax Act 2007: Forestry business on land bought from the Crown, Maori owners, or holding company: no deduction

DP 8 Forestry business on land bought from the Crown, Maori owners, or holding company: no deduction No deduction: forestry company (1) A forestry company is denied a deduction for interest to which both the following apply: (a) it is paid by the company under a qualifying debenture issued by the company; and (b) it is exempt income of the person deriving it, under section CW 3 (Forestry companies and Maori investment companies). No deduction: Maori investment company (2) A Maori investment company is denied a deduction for interest to which both the following apply: (a) it is paid by the company under a qualifying debenture issued by the company; and (b) it is exempt income of the person deriving it, under section CW 3 . Relationship with sections FA 2 and FA 2B (3) Section FA 2 (Recharacterisation of certain debentures), as it applies to substituting debentures, and section FA 2B (Stapled debt securities) do not apply to a qualifying debenture. Link with subpart DA (4) This section overrides the general permission. Defined in this Act: business , deduction , exempt income , forestry business , forestry company , general permission , holding company , interest , Maori investment company , Maori owners , pay , qualifying debenture , substituting debenture , Compare: 2004 No 35 s DP 7 Section DP 8(3) heading: amended (with effect on 1 April 2008), on 6 October 2009, by section 93(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section DP 8(3): amended (with effect on 1 April 2008), on 6 October 2009, by section 93(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section DP 8 list of defined terms forestry business : inserted (with effect on 1 April 2008), on 7 December 2009, by section 126 of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63).