Section EW 47 — Income Tax Act 2007: Legal defeasance

EW 47 Legal defeasance When this section applies (1) This section applies when— (a) the obligations of a financial arrangement were the subject of a legal defeasance that required another person to meet the remaining obligations of the arrangement; and (b) the person who has a right to receive money under the arrangement is now required by section EW 29 to calculate a base price adjustment for it. Consideration (2) The consideration received by the person who has a right to receive money under the arrangement is the total of— (a) the amounts received from the original debtor; and (b) the amounts received from the person required to meet the remaining obligations. Defined in this Act: amount , consideration , financial arrangement , legal defeasance , money , Compare: 2004 No 35 s EW 48