For the purpose of calculating the taxable income for an income year of any bondholders company that has acquired any bonds affecting timber , the cost of such timber, for the purposes of Part D of the Income Tax Act 2007, shall be deemed to include such part of the cost to the bondholders company of the bonds as, in the opinion of the Commissioner of Inland Revenue, is attributable to the timber.
In section 37 a reference to section 74(2) of the Income Tax Act 1976 was substituted for a reference to section 91(1) Land and Income Tax Act 1954, which replaced a reference to section 4(1) Land and Income Tax Amendment Act 1930.
Section 37 was amended, as from 1 April 1995, by section YB 1 Income Tax Act 1994 (1994 No 164) by substituting “section CJ 1(1) of the Income Tax Act 1994”
for “paragraph (b) of subsection (2) of section 74 of the Income Tax Act 1976”
.
Section 37 was substituted by section 484 Taxation (Core Provisions) Act 1996 (1996 No 67) with application as from 1 April 1997.
The heading to section 37 was amended, as from 1 April 1990, by section YA 2 Income Tax Act 2004 (2004 No 35) by omitting “or flax”
.
Section 37: amended, on 1 April 2008, by section ZA 2(1) of the Income Tax Act 2007 (2007 No 97).
Section 37 was amended, as from 1 April 1990, by section YA 2 Income Tax Act 2004 (2004 No 35) by omitting “or flax”
in all places in which it appears.
Section 37 was amended, as from 1 April 2005, by section YA 2 Income Tax Act 2004 (2004 No 35) by substituting “a tax year”
for “an income year”
.
Section 37 was amended, as from 1 April 2005, by section YA 2 Income Tax Act 2004 (2004 No 35) by substituting “Part D of the Income Tax Act 2004”
for “sections DJ 14 and DL 1 of the Income Tax Act 1994”
.