Forests (Payment of Money) Order 2009
2009 Order in Council grants income tax exemption for a payment made by Nature Heritage Fund to Waitutu land owners due to conservation covenants over the land.
A payment to landowners for permanently protecting native forest with high conservation values on their land can be exempted from income tax if the appropriate Order in Council is made.
An Order in Council, made under the Forests Amendment Act 2004 (see Tax Information Bulletin Vol 16, No 8, p19) grants an income tax exemption in relation to a payment made by the Nature Heritage Fund to the owners of a block of land in Waitutu Survey District. The payment made in April 2009 was in exchange for the owners entering into conservation covenants over the land.
The Order in Council, which came into effect on 27 October 2009, is part of the Government’s SILNA (South Island Landless Natives Act 1906) Policy Package announced in 2002.
(Forests (Payment of Money) Order 2009 (2009/328))