Section YB 21 — Income Tax Act 2007: Transparency of nominees

YB 21 Transparency of nominees Treatment of nominee (1) In this Act, unless the context otherwise requires, if a person holds something or does something as a nominee for another person, the other person holds or does that thing and the nominee is ignored. Who is a nominee? (2) A person holds or does something as a nominee for another person if the person acts on the other person’s behalf. However, a trustee is a nominee only if the trustee is a bare trustee. Nominal settlements (3) A person making a nominal settlement at the request of another person is treated for the purposes of this Act as a nominee in relation to the settlement. Defined in this Act: trustee Compare: 2004 No 35 ss HH 1(1) , OD 9 Section YB 21(3) heading: added (with effect on 1 April 2008), on 7 December 2009, by section 121(1) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YB 21(3): added (with effect on 1 April 2008), on 7 December 2009, by section 121(1) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YB 21 compare note: amended (with effect on 1 April 2008), on 6 October 2009, by section 564 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).