Section HR 9B — Income Tax Act 2007: Bankruptcy-remote property during application of section HR 9

HR 9B Bankruptcy-remote property during application of section HR 9 Despite section HR 9 , property that a financial institution holds because of the application of section HR 9 cannot be attached, charged, disposed of, or otherwise used in the payment of its tax debt, except to the extent to which–– (a) the tax debt— (i) does not relate to income tax or provisional tax; and (ii) would have been the relevant financial institution special purpose vehicle's tax debt in the absence of section HR 9 : (b) the property could have been attached, charged, disposed of, or otherwise used in payment of the tax debt in the absence of section HR 9 . Defined in this Act: dispose , financial institution , financial institution special purpose vehicle , income tax , provisional tax , tax Section HR 9B: inserted (with effect on 1 June 2010), on 7 September 2010, by section 78 of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section HR 9B: amended, on 21 December 2010, by section 102(1) of the Taxation (GST and Remedial Matters) Act 2010 (2010, No 130). Section HR 9B(a): amended, on 21 December 2010, by section 102(2) of the Taxation (GST and Remedial Matters) Act 2010 (2010, No 130). Section HR 9B(b): amended, on 21 December 2010, by section 102(3) of the Taxation (GST and Remedial Matters) Act 2010 (2010, No 130).