CB 14 Disposal: amount from land affected by change and not already in income
Income

(1)

An amount that a person derives from disposing of land is income of the person if—

(a)

the amount is not income under any of sections CB 6A to CB 12; and

(b)

the person disposed of the land within 10 years of acquiring it; and

(c)

the total amount that they derive from its disposal is more than the cost of the land; and

(d)

at least 20% of the excess arises from a factor, or more than 1 factor, that—

(i)

relates to the land; and

(ii)

is described in subsection (2); and

(iii)

occurs after the person acquired the land, for the factors described in subsection (2)(c), (e), (g), and (i).

Factors for purposes of subsection (1)(d)

(2)

The factors referred to in subsection (1)(d) are—

(a)

the rules of an operative district plan under the Resource Management Act 1991:

(b)

the likelihood of the imposition of rules:

(c)

a change to the rules:

(d)

the likelihood of a change to the rules:

(e)

a consent granted under the Resource Management Act 1991:

(f)

the likelihood of a consent being granted:

(g)

a decision of the Environment Court made under the Resource Management Act 1991:

(h)

the likelihood of a decision being made:

(i)

the removal of a condition, covenant, designation, heritage order, obligation, prohibition, or restriction under the Resource Management Act 1991:

(j)

the likelihood of the removal of a condition, covenant, designation, heritage order, obligation, prohibition, or restriction:

(k)

an occurrence of a similar nature to any of the occurrences described in any of paragraphs (a) to (j):

(l)

the likelihood of an occurrence of a similar nature to any of the occurrences described in any of paragraphs (a) to (j).

Exclusions

(3)

Subsection (1) is overridden by the exclusions for residential property in section CB 18 and for farm land in section CB 22.

Defined in this Act: amount, dispose, income, land, year

Compare: 2004 No 35 s CB 12

Section CB 14(1)(a): amended (with effect on 1 October 2015 and applying to a person’s disposal of residential land if the date that the person first acquires an estate or interest in the residential land is on or after that date), on 16 November 2015, by section 6(1) of the Taxation (Bright-line Test for Residential Land) Act 2015 (2015 No 111).