Section HC 17 — Income Tax Act 2007: Amounts derived as beneficiary income

HC 17 Amounts derived as beneficiary income Non-minor beneficiaries (1) An amount that a person derives in an income year as beneficiary income is income of the person under section CV 13(a) (Amounts derived from trusts), except to the extent to which it is beneficiary income to which section HC 35 applies. Minor beneficiaries (2) Subsection (1) does not apply to beneficiary income derived by a minor. The beneficiary income is excluded income of the minor, and treated as trustee income under sections CX 58 (Amounts derived by minors from trusts) and HC 35 . Defined in this Act: amount , beneficiary income , excluded income , income year , minor , trustee income , Compare: 2004 No 35 ss HH 3(1) , HH 3A(1)(b)