Section HA 16 — Income Tax Act 2007: Dividends paid by qualifying companies to trustee shareholders

HA 16 Dividends paid by qualifying companies to trustee shareholders When this section applies (1) This section applies when a dividend referred to in section HA 14(2) is derived by a trustee to the extent to which the dividend is exempt income of the trustee under section CW 15(1) (Dividends paid by qualifying companies). Exempt income (2) To the extent to which the dividend is also beneficiary income of a beneficiary resident in New Zealand, the dividend is exempt income of the beneficiary under section CW 15(2) . Defined in this Act: dividend , exempt income , resident in New Zealand , trustee Compare: 2004 No 35 s HG 13(1)(a)(i), (1A) Section HA 16: substituted (with effect on 1 April 2008), on 6 October 2009, by section 257(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).