Section GB 49 — Income Tax Act 2007: Arrangements involving returning share transfers

GB 49 Arrangements involving returning share transfers When this section applies (1) This section applies when— (a) a person enters into an arrangement; and (b) an effect of the arrangement means that a requirement of the definition of returning share transfer is not met; and (c) the effect of the arrangement is to defeat the intent and application of this Act. Arrangement treated as returning share transfer (2) The Commissioner may treat— (a) the arrangement as a returning share transfer; and (b) a person affected by the arrangement as a share user or a share supplier, under the returning share transfer. Defined in this Act: arrangement , Commissioner , returning share transfer , share supplier , share user , Compare: 2004 No 35 s GC 14G