Section EZ 52 — Income Tax Act 2007: References to new rules include old rules

EZ 52 References to new rules include old rules (1) Subsection (2) applies if— (a) the old financial arrangement rules apply to a financial arrangement ( old financial arrangement ); and (b) a taxation law in this Act ( rewritten law ) refers only to, or applies only to, a financial arrangement to which the financial arrangements rules apply; and (c) the rewritten law is in neither subpart EW nor sections EZ 33 to EZ 51 ; and (d) the rewritten law corresponds to and replaces, with or without amendments, a taxation law that applied to the old financial arrangement before 20 May 1999. (2) The rewritten law applies to the old financial arrangement as if the rewritten law referred to, or applied to, a financial arrangement to which the old financial arrangements rules apply. (3) Subsection (2) does not apply to— (a) a definition, or parts of a definition, in section YA 1 if that definition or part refers to section EZ 48 ; or (b) section GB 21 , because the former taxation law to which it corresponds has been re-enacted as section EZ 50 . (4) Section FM 8(3)(b)(ii) applies to a financial arrangement to which the old financial arrangements rules apply as if— (a) the reference to section EW 31 were to section EZ 38 ; and (b) the words “ financial arrangements rules ” read “ old financial arrangements rules ” . Compare: 2004 No 35 s EZ 49