Section HR 2 — Income Tax Act 2007: Group investment funds

HR 2 Group investment funds Separate returns (1) The trustee of a group investment fund must provide for a tax year under section 33 of the Tax Administration Act 1994, separate returns of its category A income and its category B income. Designated group investment fund, category B income: application of trust rules (2) If the trustee of a group investment fund derives an amount that is income derived from investments and funds of a designated group investment fund or category B income, the amount is treated as income derived by the trustee and the trust rules apply. Category A income: application of company rules (3) If the trustee of a group investment fund derives from the investments and funds of the group investment fund an amount that is category A income, the amount is treated as income of a notional company. Defined in this Act: amount , category A income , category B income , designated group investment fund , group investment fund , income , return of income , tax year , trust , trust rules , trustee , Compare: 2004 No 35 s HE 2(1), (1A)