Section EW 7 — Income Tax Act 2007: Change from private or domestic purpose

EW 7 Change from private or domestic purpose When this section applies (1) This section applies when a person who is a party to an excepted financial arrangement described in any of section EW 5(18) to (20) stops using it for a private or a domestic purpose. Excepted financial arrangement becomes financial arrangement (2) On and after the date on which the person stops using the excepted financial arrangement for a private or a domestic purpose,— (a) it ceases to be an excepted financial arrangement for the person; and (b) the person becomes a party to a financial arrangement. Defined in this Act: excepted financial arrangement , financial arrangement , Compare: 2004 No 35 s EW 7