807B Certain transitional arrangements in relation to transfer of assets abroad.

(1) In this section—

“new transaction” means a relevant transaction effected on or after the relevant date;

“old transaction” means a relevant transaction effected before the relevant date;

“relevant date” means 1 February 2007;

“relevant transactions” has the meaning assigned to it by section 806(10).

(2) For the purposes of applying subsection (3) of this section and subsections (8) and (10) of section 806—

(a) if all the relevant transactions are old transactions, section 806(8) shall apply,

(b) if all the relevant transactions are new transactions, section 806(10) shall apply,

(c) if any one or more of the relevant transactions are old transactions and any one or more of the relevant transactions are new transactions, sections 806 and 807A shall apply subject to subsection (3).

(3) (a) Where—

(i) the conditions in section 806(8) are failed by reference to the old transactions or any of them, or

(ii) the conditions in section 806(10)(b) are failed by reference to the new transactions or any of them,

then, subject to paragraph (b), sections 806 and 807A apply as they would have applied apart from any exemption by virtue of this section or by virtue of section 806(8) or section 806(10).

(b) Where paragraph (a) applies by virtue only of subparagraph (ii) of that paragraph—

(i) for the purposes of subsection (4) or (5)(b) of section 806 any income arising before the relevant date shall not be brought into account as income of the person resident or domiciled out of the State,

(ii) for the purposes of section 807A—

(I) (A) where a benefit is received by an individual in a year of assessment ending after the relevant date, and

(B) relevant income (within the meaning of section 807A(3)) of years of assessment up to and including that year falls to be determined,

then years of assessment ending before the relevant date are to be brought into account as well as years of assessment ending after that date, and

(II) a benefit received by an individual in the year of assessment 2007 is to be left out of account to the extent that, on a time apportionment basis, it fell to be enjoyed in any part of the year that falls before the relevant date.