Income Tax Act 2007 section 1029

Power to undo changes

Section 1029 gives the Treasury the power to correct unintended changes in the law caused by the Income Tax Act 2007, by restoring the legal position to what it was immediately before 6 April 2007.

• The Treasury may by order reverse any provision of the Act that inadvertently changed the effect of the law, restoring it to its pre-6 April 2007 position
• This corrective power expired on 5 April 2010, providing a three-year window for errors to come to light and be addressed
• Orders made under this section can amend, repeal, or revoke provisions in the Act or any other Act, and may have retrospective effect
• The power was not intended to be exercised without the agreement of the Tax Law Rewrite project's Consultative and Steering Committees