Section HZ 7 — Income Tax Act 2007: Saving of binding rulings relating to settlements on trusts

HZ 7 Saving of binding rulings relating to settlements on trusts When, and extent to which, this section applies (1) This section applies when, and to the extent to which,— (a) before the commencement of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 — (i) an applicant has applied for a binding ruling on an arrangement that is entered into, or that the applicant seriously contemplates will be entered into, before the commencement of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 : (ii) a binding ruling is issued; and (b) the binding ruling is about a provision of the Income Tax Act 2004 on the question of whether an amount is a settlement on a trust; and (c) the binding ruling— (i) is made before or after the commencement of this Act and continues to exist at the commencement of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 ; and (ii) is made in relation to a provision of the Income Tax Act 2004 to which section ZA 4 (Saving of binding rulings) of this Act would have applied but for the intended change listed in schedule 51 (Identified changes in legislation) for section HC 27(2) (Who is a settlor?); and (d) in the absence of this section, the commencement of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 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 continues to exist despite the intended change referred to in subsection (1)(c)(ii) from the commencement of this Act to the date on which the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 receives the Royal assent. 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 in the period that starts on the date of the commencement of this Act and ends on the date on which the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 receives the Royal assent 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 , settlement Section HZ 7: added (with effect on 1 April 2008), on 7 December 2009, by section 53 of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63).