EX 34 CFC rules exemption

A person’s rights in a FIF at any time are not an attributing interest if—

(a)

the FIF is a CFC at the time; and

(b)

the person has, under sections EX 14 to EX 17, an income interest of 10% or more in the CFC for the accounting period during which the time falls; and

(c)

the person is not a portfolio investment entity.

Defined in this Act: accounting period, attributing interest, CFC, FIF, income interest, portfolio investment entity

Compare: 2004 No 35 s EX 32

Section EX 34(b): amended (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 28(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).

Section EX 34(b): amended (with effect on 1 April 2008), on 6 October 2009, by section 170 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section EX 34(c): inserted (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 28(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).

Section EX 34 list of defined terms portfolio investment entity: inserted (with effect on 1 July 2011), on 7 May 2012, by section 28(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).