Income Tax Act 2007 section 1010

Application of Income Tax Acts to recognised investment exchanges

Section 1010 establishes how the Income Tax Acts apply to recognised investment exchanges, ensuring that such exchanges are treated appropriately under income tax legislation.

• The section defines how recognised investment exchanges are treated for income tax purposes.
• It is derived from the earlier provision in section 841(3) of the Income and Corporation Taxes Act (ICTA).
• The equivalent ICTA provision, as consequentially amended, continues to apply separately for corporation tax purposes.
• This rewrite into the Income Tax Act 2007 separated the income tax rules from the corporation tax rules, which remain in ICTA.