Section 257HE — Income Tax Act 2007: Nominees and bare trustees

Nominees and bare trustees 257HE 1 Shares subscribed for, issued to, held by or disposed of for an individual by a nominee are treated for the purposes of this Part as subscribed for, issued to, held by or disposed of by the individual.

2 If shares have been issued to a bare trust for two or more beneficiaries, this Part has effect (with the necessary modifications) as if—

a each beneficiary had subscribed as an individual for all of those shares, and b the amount subscribed by each beneficiary was equal to the total amount subscribed on the issue of those shares divided by the number of beneficiaries.

3 In subsection (2) “ shares ” means shares which meet the requirements of section 257CA(2).