Section 75 — Effect of advance rulings

(1) The effect of the ruling is limited to the applicant and the transaction in relation to which the ruling is given.

(2) The ruling is rendered on a set of facts before the relevant tax authority and cannot be of general application.

(3) An advance ruling is void where—

(a) the issue or transaction as described in the ruling is materially different from the issue or transaction actually carried out;

(b) there is fraud, misrepresentation or non-disclosure of a material fact; or

(c) an assumption made or condition imposed by the relevant tax authority is not satisfied or carried out by the taxpayer.

(4) Notwithstanding any provision to the contrary contained in a tax law, an advance ruling ceases to be effective where—

(a) a provision of the tax law that was the subject of the advance ruling is repealed or amended in a manner that materially affects the advance ruling in which case the advance ruling will cease to be effective from the date that the repeal or amendment is effective; or

(b) a court overturns or modifies an interpretation of the tax law on which the advance ruling is based, in such case, the advance ruling shall cease to be effective from the date of the judgement unless such decision