Section EX 19 — Income Tax Act 2007: Taxable distribution from non-complying trust

EX 19 Taxable distribution from non-complying trust Application of this section (1) This section applies when— (a) a CFC derives a taxable distribution from a non-complying trust in an accounting period; and (b) a person has attributed CFC income or loss from the CFC for the period, or would have if the taxable distribution were included in the CFC’s net attributable CFC income. Additional attributed CFC income (2) The taxable distribution is excluded under section EX 21(32) when calculating the CFC’s net attributable CFC income or loss, and instead the person has additional attributed CFC income. Calculation of additional attributed CFC income (3) The amount of the additional attributed CFC income is calculated using the formula— person’s income interest in CFC for accounting period × taxable distribution. Non-complying trust tax rate (4) The person is liable for income tax on the additional attributed CFC income at the rate in schedule 1 (Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits) that applies to amounts under section HC 19 (Taxable distributions from non-complying trusts). Disclosure restrictions on grey list CFCs [Repealed] (5) [Repealed] Defined in this Act: accounting period , amount , attributed CFC income , CFC , income interest , income tax , loss , net attributable CFC income , non-complying trust , taxable distribution , Compare: 2004 No 35 s EX 19 Section EX 19(1)(b): amended (with effect on 30 June 2009), on 6 October 2009, by section 155(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section EX 19(2): amended (with effect on 30 June 2009), on 6 October 2009, by section 155(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section EX 19(4): amended, on 1 April 2008, by section 384 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section EX 19(5) heading: repealed (with effect on 30 June 2009), on 6 October 2009, pursuant to section 155(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section EX 19(5): repealed (with effect on 30 June 2009), on 6 October 2009, by section 155(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section EX 19 list of defined terms branch equivalent income : repealed (with effect on 30 June 2009), on 6 October 2009, by section 155(4)(a) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section EX 19 list of defined terms net attributable CFC income : inserted (with effect on 30 June 2009), on 6 October 2009, by section 155(4)(b) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).