Section FE 41 — Income Tax Act 2007: Treatment of associated persons’ interests

FE 41 Treatment of associated persons’ interests Aggregating ownership interests (1) For the purposes of section FE 39 , a person’s direct ownership interests include the direct ownership interests of a person associated with them. But if an aggregation of ownership interests results in the same percentage shares or rights in a company being counted more than once, the person’s ownership interest in the company must be adjusted to the extent necessary to avoid multiple counting. Relative resident in New Zealand (2) For the purposes of sections FE 38 to FE 40 , a non-resident who does not have a direct or an indirect ownership interest in a company and a relative resident in New Zealand are not associated persons in relation to the company. Defined in this Act: associated person , company , New Zealand , non-resident , relative , resident in New Zealand , share , Compare: 2004 No 35 s FG 2(4)–(6)