Section YZ 1 — Income Tax Act 2007: Source rule for interest

YZ 1 Source rule for interest Application from 29 July 1983 (1) Section YD 4(11)(a) and (b) (Classes of income treated as having New Zealand source) applies to— (a) interest derived from money lent under a binding contract entered into on or after 29 July 1983: (b) a redemption payment made on a commercial bill if— (i) it was issued on or after 29 July 1983; and (ii) it was not issued under a binding contract entered into before that date. Meaning of issue (2) In this section, issue has the meaning given in section 2 of the Bills of Exchange Act 1908. Defined in this Act: commercial bill , interest , money lent , redemption payment , Compare: 2004 No 35 s OE 4(1A)