Apportionment of deferred windfall gains tax and rolled over windfall gains tax where there is a registration of a plan of subdivision of WGT land
33 Apportionment of deferred windfall gains tax and rolled over windfall gains tax where there is a registration of a plan of subdivision of WGT land
This section applies if—
the whole or a part of windfall gains tax is deferred under this Part; and
there is a registration of a plan of subdivision of the land in respect of which that tax is imposed.
On the registration of the plan of subdivision, the whole or part of windfall gains tax deferred under this Part (including rolled over windfall gains tax), and any accrued interest payable under this Part, (the deferred tax) is taken to be apportioned to each lot created under the plan of subdivision by reference to the area each lot bears to all of the lots created under the plan of subdivision.
In this section—
lot has the same meaning as in the Subdivision Act 1988.
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