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Whether deemed income can give rise to beneficiary income

Inland Revenue has released Interpretation Statement 12/02: Income tax – Whether income deemed to arise under tax law, but not trust law, can give rise to beneficiary income.

Interpretation Statement 12/02 (IS12/02), confirms the Commissioner’s view that in some circumstances, deemed income can give rise to beneficiary income under s HC 6 of the Income Tax Act 2007 (the Act).

This question as to whether deemed income can give rise to beneficiary income arises because there is no necessary symetry between tax law and trust law.

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