FCL.625 IR says
'(d) If the IR has not been revalidated or renewed within the preceding 7 years, the holder will be required to pass again the IR theoretical knowledge examination and skill test.'
Read as a revalidation or renewal is required on or after the date of expiry it makes prefect sense.
Why would the 7 year revalidation or renewal period for an IR start to run whilst the rating in question is still current?
Having said that, with many legal statements the more you read something the more confusing it becomes!!!