Section EI 6 — Income Tax Act 2007: Amount paid for non-compliance: when lessor ceases to own land

EI 6 Amount paid for non-compliance: when lessor ceases to own land When this section applies (1) This section applies when a lessor— (a) allocates income under section EI 5 to more than 1 income year; and (b) ceases to own the land to which the income relates before the end of the third tax year following the tax year in which they receive the income. Timing of income (2) If the lessor has not allocated a part of the income, the part is allocated to the income year in which the lessor ceases to own the land. Ownership of part of land ceasing (3) If the lessor ceases to own part of the land to which the income relates,— (a) this section applies to the part of the land that the lessor ceases to own; and (b) section EI 5 applies to the part of the land that the lessor continues to own. Defined in this Act: amount , income , income year , own , tax year , Compare: 2004 No 35 s EI 5