1. This is a notice of a public ruling made under section 91D of the Tax Administration Act 1994.
2. Public ruling BR Pub 02/03 entitled "Disposition of real property for inadequate consideration where following
a grant of a lease the balance is transferred to another person - Gift duty and income tax implications" was issued on 29 November 2002. The ruling's subject matter was originally contained in BR Pub 96/1 and BR Pub 96/2A. BR Pub 96/1 applied up until 31 March 1999.
BR Pub 96/2A applied up until the end of the 1998-99 income year. BR Pub 02/03 applies for the period from
1 April 1999 to 31 March 2005. It will appear in Inland Revenue's Tax Information Bulletin, Vol. 14, No. 12, of December 2002.
3. A copy of the ruling may be obtained by writing to the Manager, Field Liaison & Communication (Adjudication & Rulings), National Office, Inland Revenue, P.O. Box 2198, Wellington.
MARTIN SMITH, General Manager (Adjudication
& Rulings).