Section EW 2 — Income Tax Act 2007: Relationship of financial arrangements rules with other provisions

EW 2 Relationship of financial arrangements rules with other provisions Financial arrangements rules override other provisions (1) The financial arrangements rules prevail over any other provision in relation to the timing and quantifying of income and expenditure under a financial arrangement to which the financial arrangements rules apply, unless the other provision expressly or by necessary implication requires otherwise. Interest excluded from certain valuations (2) Expenditure under a financial arrangement to which the financial arrangements rules apply is not included in— (a) the cost of trading stock for low-turnover traders under subpart EB (Valuation of trading stock (including dealer’s livestock)): (b) the cost of livestock under subpart EC (Valuation of livestock): (c) the cost of bloodstock under subpart EC : (d) the cost of revenue account property: (e) the cost of timber: (f) the cost of acquiring a film or a film right: (g) film production expenditure: (h) petroleum development expenditure: (i) petroleum exploration expenditure. Defined in this Act: bloodstock , film , film production expenditure , film right , financial arrangement , financial arrangements rules , income , low-turnover trader , petroleum development expenditure , petroleum exploration expenditure , revenue account property , , trading stock Compare: 2004 No 35 s EW 2