Section EX 40 — Income Tax Act 2007: Foreign exchange control exemption

EX 40 Foreign exchange control exemption A person’s rights in a FIF are not an attributing interest if and to the extent to which— (a) the person is a natural person; and (b) the person acquired the rights— (i) before first becoming a New Zealand resident; or (ii) before exchange controls applying to the person and the interest were imposed by a foreign country; or (iii) before 8.00 pm New Zealand Standard Time on 2 July 1992; and (c) the exchange controls prevent the person from deriving amounts from the rights, or from disposing of the rights, in New Zealand dollars, or consideration that is readily convertible into New Zealand dollars. Defined in this Act: amount , attributing interest , FIF , New Zealand , New Zealand resident , Compare: 2004 No 35 s EX 34