Section EW 10 — Income Tax Act 2007: Financial arrangements to which financial arrangements rules apply

EW 10 Financial arrangements to which financial arrangements rules apply Entered into on or after 20 May 1999 (1) The financial arrangements rules apply to a financial arrangement that all its parties enter into on or after 20 May 1999. Existing immediately before 20 May 1999 (2) The financial arrangements rules apply to a financial arrangement existing immediately before 20 May 1999 to the extent to which a person becomes a party to the arrangement on or after 20 May 1999. Rollover, extension, or advance on or after 20 May 1999 (3) The financial arrangements rules apply to a financial arrangement that is rolled over or extended, or under which an advance is made, on or after 20 May 1999, under a binding contract entered into before 20 May 1999. Binding contract before 20 May 1999 (4) However, the financial arrangements rules do not apply to a financial arrangement if— (a) all its parties enter into it on or after 20 May 1999; and (b) they enter into it under a binding contract entered into before 20 May 1999. Transferred under relationship agreement (5) The financial arrangements rules apply to a financial arrangement to which all the following apply, to the extent to which the transferee becomes a party to it: (a) the transferor is a party to it before 20 May 1999; and (b) it is rolled over or extended, or an advance is made under it, on or after 20 May 1999, under a binding contract entered into before 20 May 1999; and (c) it is transferred under a relationship agreement on or after 20 May 1999. Binding contract before 20 May 1999 and transfer under relationship agreement (6) However, the financial arrangements rules do not apply to a financial arrangement if— (a) all its parties enter into it on or after 20 May 1999; and (b) they enter into it under a binding contract entered into before 20 May 1999; and (c) it is transferred under a relationship agreement on or after 20 May 1999. Defined in this Act: financial arrangement , financial arrangements rules , relationship agreement , Compare: 2004 No 35 s EW 10