Inland Revenue will input HUD information into its START system and may use it to administer the tax system.
| Name of agreement |
Administration of the exclusion from interest limitation for the build-to-rent land |
| Agency data share is with |
Ministry of Housing and Urban Development (HUD) |
| MoU |
Memorandum of Understanding between Inland Revenue and the Ministry of Housing and Urban Development - Relating to the administration of the exclusion from interest limitation for the build-to-rent land |
| Agency using the data |
HUD and Inland Revenue |
| Purpose |
HUD may only use IR information for the purpose of:
- matching an Owner in HUD's systems so that it can provide further HUD Information to Inland Revenue where it cannot find a match for that Owner, or it needs that Information for compliance review purposes; and
- changing an opinion that land meets or does not meet the definition of build- to rent land (BTR Land) in the Income Tax Act 2007.
An ‘Owner’ is an entity that owns BTR Land that HUD has put on its register of BTR Land.
An ‘Owner’ is an entity that owns BTR Land that HUD has put on its register of BTR Land.
Inland Revenue will input HUD information into its START system and may use it to administer the tax system.
|
| Data exchanged |
HUD will send the following HUD information for BTR Land and Owners:
- owner's IRD number
- owner's name
- date exclusion starts
- date exclusion ceases (if applicable)
- address or location of each piece of BTR Land at approval and removal
- number of qualifying units
- record of title identifier; and
- information about when assets are no longer excluded (if applicable).
If Inland Revenue:
- cannot match an Owner in its systems (for example, the name and/or the IRD number are incorrect, or the IRD number is not associated with the Owner); or
- requires more information from HUD to assist Inland Revenue with administering the build-to-rent exclusion for the interest limitation rules.
Inland Revenue will send HUD the following IR information for BTR Land and Owners:
- owner's IRD number
- owner's name
- sufficient information for HUD to be able to identify the relevant BTR Land
- where Inland Revenue cannot match the Owner, a request for HUD to confirm the details with the Owner; and
- where Inland Revenue requires further information to assist with a compliance review, details of the information that it requires (for example, title information, valuation of units, Code Compliance Certificate, a copy of the tenancy agreement and any other documents setting out the offer of a 10-year tenancy and personalisation policy, and any other relevant information to enable Inland Revenue to administer the BTR exclusion for the interest limitation rules).
|
| Legal authority |
Schedule 7, Part C, clause 39(C) of the Tax Administration Act 1994.
Information Privacy Principles 11(1)(a) and (c) of the Privacy Act 2020. |
