Section HZ 6 — Income Tax Act 2007: Saving of binding rules relating to portfolio investment entities

HZ 6 Saving of binding rules relating to portfolio investment entities When, and extent to which, this section applies (1) This section applies when, and to the extent to which,— (a) before the commencement of this Act,— (i) an applicant has applied for a private ruling, a product ruling, or a status ruling, on an arrangement that is entered into, or that the applicant seriously contemplates will be entered into, before the commencement of this Act: (ii) a public ruling is issued; and (b) the binding ruling is about a provision of the Income Tax Act 2007 relating to portfolio investment entities (the old law ) that corresponds to and is replaced by the PIE rules; and (c) the PIE rules corresponding to the old law (the new law ) come into force on 1 April 2010; and (d) the binding ruling— (i) continues to exist at the commencement of this Act: (ii) is made after the commencement of this Act in relation to an old law before 1 April 2010: (iii) is made in relation to an old law provision of the Income Tax Act 2004 to which section ZA 4 (Saving of binding rulings) of the Income Tax Act 2007 applies, that continues to exist at the commencement of this Act; and (e) in the absence of this section, the commencement of this Act would mean that the binding ruling would cease to apply because of section 91G of the Tax Administration Act 1994. Ruling about new law (2) The binding ruling is treated as if it were made about the new law, so that the effect of the ruling at the commencement of this Act is the same as its effect before the commencement. No confirmation rulings (3) To the extent to which a binding ruling continued by subsection (2) exists and applies to an arrangement, or to a person and an arrangement, the Commissioner must not make a binding ruling on how— (a) the new law applies to the arrangement or to the person and the arrangement; or (b) this subsection applies to the arrangement or to the person and the arrangement. Defined in this Act: arrangement , binding ruling , Commissioner , PIE rules , portfolio investment entity Section HZ 6: inserted, on 1 April 2010 (applying for the 2010–11 and later income years), by section 295(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).