Section YC 19B — Income Tax Act 2007: Treatment when certain trusts terminated

YC 19B Treatment when certain trusts terminated When this section applies (1) This section applies when— (a) a trust established for the sole benefit of the New Zealand government or an overseas government is terminated; and (b) all the ownership interests held by the trustees of the trust in a company are transferred to the government beneficiary. Date of acquisition of shares (2) The government beneficiary is treated as acquiring the ownership interests transferred by the trustees on the date the trustees acquired the ownership interests. Definition (3) In this section, ownership interest has the meaning given in section YC 18(6) . Defined in this Act: company , New Zealand , ownership interest , trustee Section YC 19B: inserted (with effect on 1 January 2011), on 2 November 2012, by section 158 of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).