Definition of "relative"

2009 amendment to the definition of 'relative' in the Income Tax Act means it extends to four degrees of blood relationship for the purposes of the Securities Act.

Section YA 1 of the Income Tax Act 2007

The Securities Act 1978 uses the definition of "relative" in the Income Tax Act 2007. The Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 amended the definition of "relative" in section YA 1 of the Income Tax Act 2007 so that, from 1 April 2010, it extends only to the second degree of blood relationship. Currently the definition also extends, for the purposes of certain provisions (including the Securities Act 1978) to the fourth degree of blood relationship.

An amendment has been made to the definition of "relative" in section YA 1 so that it will continue to extend to four degrees of blood relationship for the purposes of the Securities Act 1978. The amendment therefore maintains the status quo in relation to the definition used in the Securities Act 1978.

Application date

The amendment applies from 1 April 2010.