Section FE 29 — Income Tax Act 2007: Combining New Zealand groups owned by natural persons and trustees

FE 29 Combining New Zealand groups owned by natural persons and trustees When this section applies (1) This section applies when a natural person or trustee described in section FE 2(1)(g) has–– (a) a 50% or more ownership interest in a member of a New Zealand group ( group 1 ) having a member that is an excess debt outbound company; and (b) a 50% or more ownership interest in a member of a different New Zealand group ( group 2 ) having a member that is an excess debt outbound company. Groups combine (2) Group 1 and group 2 combine into 1 New Zealand group. Defined in this Act: excess debt outbound company , New Zealand Section FE 29: substituted (with effect on 30 June 2009), on 6 October 2009, by section 222(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).