Land partly owned by foreign people
17F Land partly owned by foreign people
This section applies to a parcel of residential land if on the 1st day of a quarter—
the parcel is owned by—
1 or more people who are foreign people; and
1 or more people who are not foreign people; and
a foreign ownership surcharge is payable for the parcel.
The appropriate rate of foreign ownership surcharge payable under section 17E for the parcel of land is—
for a unit that is part of a unit subdivision—the amount worked out for the parcel as follows:
in any other case—the amount worked out for the parcel as follows:
In this section:
AI means the value of all interests in the parcel of land.
AUV—see section 9 (4).
AUVRU means the AUV of the parcel proportionate to the number of residential units in the parcel, worked out as follows:
AUVRUP means the AUVRU adjusted by the applicable percentage rate, worked out as follows:
FI means the value of all interests in the parcel or unit held by foreign people.
P—see section 17E (4).
Power to determine a percentage rate under the Taxation Administration Act includes the power to determine a different rate for different matters or different classes of matters (see Legislation Act, s 48).
residential unit means a unit that is residential land.
TUE means the total unit entitlement of all the units in the units plan.
TUER means the total unit entitlement of all the residential units in the units plan.
UE means the unit entitlement of the unit.
unit entitlement—see the Unit Titles Act, section 8.
units plan means a units plan under the Unit Titles Act, section 7.
This Act’s bill:Explanatory statementSecond reading speech
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