Section GB 21 — Income Tax Act 2007: Dealing that defeats intention of financial arrangements rules

GB 21 Dealing that defeats intention of financial arrangements rules When this section applies (1) This section applies if the Commissioner considers that the parties to a financial arrangement were dealing with each other in a way that defeats the intention of the financial arrangements rules at the time the financial arrangement was— (a) entered into or otherwise acquired; or (b) varied; or (c) disposed of. Alteration of consideration (2) The Commissioner may treat the relevant transaction as having occurred for the consideration that parties dealing at arm’s length would have agreed on. Defined in this Act: Commissioner , financial arrangement , financial arrangements rules , Compare: 2004 No 35 s GD 11