Section HC 4 — Income Tax Act 2007: Corpus of trust

HC 4 Corpus of trust Meaning (1) In the trust rules, corpus means an amount that is equal to the market value of a settlement of property on the trust measured at the date of the settlement. Subsection (2) overrides this subsection. Settlements excluded from corpus (2) Corpus does not include an amount equal to the market value of the property settlements described in subsections (3) to (5). Settlements on other trusts (3) A property settlement by a trustee of another trust is excluded from corpus to the extent to which, if the property were distributed to a beneficiary of the other trust, and the beneficiary was resident in New Zealand, the distribution would be beneficiary income or a taxable distribution to that beneficiary. Deductions (4) A property settlement for which the settlor is allowed a deduction is excluded from corpus. Income or dividend (5) A property settlement is excluded from corpus if, but for the fact of the settlement,— (a) it would be income of the settlor; or (b) [Repealed] (c) it would fall under paragraph (a) if the settlor were resident in New Zealand at the time of the settlement. Defined in this Act: amount , beneficiary income , corpus , deduction , distribution , dividend , income , resident in New Zealand , settlement , settlor , taxable distribution , trust rules , trustee , Compare: 2004 No 35 s OB 1 “ corpus ” Section HC 4(5)(b): repealed (with effect on 30 June 2009), on 6 October 2009, by section 260(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section HC 4(5)(c): substituted (with effect on 30 June 2009), on 6 October 2009, by section 260(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section HC 4 list of defined terms FDP : repealed (with effect on 30 June 2009), on 6 October 2009, by section 260(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).