Income Tax Act 2007 section 382

Minor definitions etc.

Section 382 provides supplementary definitions and interpretive rules used throughout the Community Investment Tax Relief (CITR) provisions.

• Key terms are defined: "body" includes unincorporated associations, and "bonus shares" means shares issued without any payment in cash or otherwise.
• Shares in a company are only treated as being of the same class if they would be so treated when dealt in on a recognised stock exchange.
• Market value is determined as the price an asset would reasonably fetch on a sale in the open market, ignoring any security interests over it.
• References to CITR being obtained, withdrawn or reduced include situations arising after the investor has disposed of the investment, and conditions that depend on future events are treated as met so long as nothing has occurred to prevent them being met.