Section FZ 1 — Income Tax Act 2007: Treatment of interest payable under debentures issued before certain date

FZ 1 Treatment of interest payable under debentures issued before certain date When this section applies (1) This section applies for the purposes of section FA 2 (Recharacterisation of certain debentures). Profit-related debentures (2) A debenture issued before 8 pm New Zealand standard time on 23 October 1986 is a profit-related debenture if the rate of interest may be determined by reference to the dividend payable by the company issuing the debenture or in any other manner. Fixed rates of interest (3) Section FA 2(2) applies to a profit-related debenture issued before 8 pm New Zealand standard time on 23 October 1986. Defined in this Act: company , debentures , dividend , interest , pay , profit-related debenture , Compare: 2004 No 35 s FC 1 Section FZ 1(3): amended (with effect on 1 April 2008), on 6 October 2009, by section 236 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).