Section HC 7 — Income Tax Act 2007: Trustee income

HC 7 Trustee income Meaning (1) To the extent to which it is not beneficiary income, an amount of income derived by a trustee of a trust is trustee income . Minors’ beneficiary income (2) An amount of beneficiary income to which section HC 35 applies that is derived in an income year by a person who is a minor is treated as if it were trustee income for the purposes of— (a) determining the tax rate that applies; and (b) paying the tax; and (c) providing returns of income. Exclusions from corpus (3) The amount that is the market value of a property settlement referred to in section HC 4(3) to (5) is treated as trustee income of the trustee of the recipient trust derived in the income year of settlement. Defined in this Act: amount , beneficiary income , corpus , income , income year , minor , pay , return of income , settlement , trustee , trustee income , Compare: 2004 No 35 ss HH 1(7) , HH 3A(1)(a) , OB 1 “ trustee income ” Section HC 7(2): amended (with effect on 1 April 2008), on 6 October 2009, by section 261(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).