Section HC 34 — Income Tax Act 2007: Taxable distributions from non-complying trusts

HC 34 Taxable distributions from non-complying trusts Rate of tax (1) Income tax is imposed on a taxable distribution derived by a person in an income year from a non-complying trust under section BF 1(b) (Other obligations) at the basic rate set out in schedule 1, part A, clause 4 (Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits). Due date (2) The income tax is payable on the person’s payment date for terminal tax under section RA 13 (Payment dates for terminal tax) for the corresponding tax year. Defined in this Act: income tax , income year , non-complying trust , pay , taxable distribution , terminal tax , Compare: 2004 No 35 s HH 3(4) Section HC 34(1): amended, on 1 April 2008, by section 562 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).