diff --git a/changes.d/7048.fix.md b/changes.d/7048.fix.md
new file mode 100644
index 00000000000..7053d3ce847
--- /dev/null
+++ b/changes.d/7048.fix.md
@@ -0,0 +1 @@
+Stopped the evaluated value of `initial cycle point = now` changing on reload/restart.
diff --git a/cylc/flow/commands.py b/cylc/flow/commands.py
index 01982f233de..46f374d64bb 100644
--- a/cylc/flow/commands.py
+++ b/cylc/flow/commands.py
@@ -568,6 +568,10 @@ async def reload_workflow(schd: 'Scheduler', reload_global: bool = False):
         schd.reload_pending = 'loading the workflow definition'
         schd.update_data_store()  # update workflow status msg
         schd._update_workflow_state()
+        # Things that can't change on workflow reload:
+        schd._set_workflow_params(
+            schd.workflow_db_mgr.pri_dao.select_workflow_params()
+        )
         LOG.info("Reloading the workflow definition.")
         config = schd.load_flow_file(is_reload=True)
     except (ParsecError, CylcConfigError) as exc:
@@ -589,10 +593,7 @@ async def reload_workflow(schd: 'Scheduler', reload_global: bool = False):
     else:
         schd.reload_pending = 'applying the new config'
         old_tasks = set(schd.config.get_task_name_list())
-        # Things that can't change on workflow reload:
-        schd._set_workflow_params(
-            schd.workflow_db_mgr.pri_dao.select_workflow_params()
-        )
+
         schd.apply_new_config(config, is_reload=True)
         schd.broadcast_mgr.linearized_ancestors = (
             schd.config.get_linearized_ancestors()
diff --git a/cylc/flow/config.py b/cylc/flow/config.py
index dfe68d23616..3e81f5e277b 100644
--- a/cylc/flow/config.py
+++ b/cylc/flow/config.py
@@ -379,7 +379,8 @@ def __init__(
             raise WorkflowConfigError("missing [scheduling][[graph]] section.")
         # (The check that 'graph' is defined is below).
 
-        # Override the workflow defn with an initial point from the CLI.
+        # Override the workflow defn with an initial point from the CLI
+        # or from reload/restart:
         icp_str = getattr(self.options, 'icp', None)
         if icp_str is not None:
             self.cfg['scheduling']['initial cycle point'] = icp_str
@@ -564,7 +565,7 @@ def __init__(
         self._upg_wflow_event_names()
 
         self.mem_log("config.py: before load_graph()")
-        self.load_graph()
+        self._load_graph()
         self.mem_log("config.py: after load_graph()")
 
         self._set_completion_expressions()
@@ -684,10 +685,10 @@ def prelim_process_graph(self) -> None:
             all(item in ['graph', '1', 'R1'] for item in graphdict)
         ):
             # Pure acyclic graph, assume integer cycling mode with '1' cycle
-            self.cfg['scheduling']['cycling mode'] = INTEGER_CYCLING_TYPE
             for key in ('initial cycle point', 'final cycle point'):
                 if key not in self.cfg['scheduling']:
                     self.cfg['scheduling'][key] = '1'
+            self.cfg['scheduling']['cycling mode'] = INTEGER_CYCLING_TYPE
 
     def process_utc_mode(self):
         """Set UTC mode from config or from stored value on restart.
@@ -761,7 +762,6 @@ def process_initial_cycle_point(self) -> None:
         Sets:
             self.initial_point
             self.cfg['scheduling']['initial cycle point']
-            self.evaluated_icp
         Raises:
             WorkflowConfigError - if it fails to validate
         """
@@ -775,11 +775,6 @@ def process_initial_cycle_point(self) -> None:
                 raise WorkflowConfigError(
                     "This workflow requires an initial cycle point.")
             icp = _parse_iso_cycle_point(orig_icp)
-        self.evaluated_icp = None
-        if icp != orig_icp:
-            # now/next()/previous() was used, need to store
-            # evaluated point in DB
-            self.evaluated_icp = icp
         self.initial_point = get_point(icp).standardise()
         self.cfg['scheduling']['initial cycle point'] = str(self.initial_point)
 
@@ -2311,7 +2306,7 @@ def _close_families(l_id, r_id, clf_map):
 
         return lret, rret
 
-    def load_graph(self):
+    def _load_graph(self):
         """Parse and load dependency graph."""
         LOG.debug("Parsing the dependency graph")
 
@@ -2335,18 +2330,14 @@ def load_graph(self):
             section = get_sequence_cls().get_async_expr()
             graphdict[section] = graphdict.pop('graph')
 
-        icp = self.cfg['scheduling']['initial cycle point']
+        icp = str(self.initial_point)
         fcp = self.cfg['scheduling']['final cycle point']
 
         # Make a stack of sections and graphs [(sec1, graph1), ...]
         sections = []
         for section, value in self.cfg['scheduling']['graph'].items():
             # Substitute initial and final cycle points.
-            if icp:
-                section = section.replace("^", icp)
-            elif "^" in section:
-                raise WorkflowConfigError("Initial cycle point referenced"
-                                          " (^) but not defined.")
+            section = section.replace("^", icp)
             if fcp:
                 section = section.replace("$", fcp)
             elif "$" in section:
diff --git a/cylc/flow/cycling/integer.py b/cylc/flow/cycling/integer.py
index ce81ba55a94..125afbd36a8 100644
--- a/cylc/flow/cycling/integer.py
+++ b/cylc/flow/cycling/integer.py
@@ -594,7 +594,7 @@ def init_from_cfg(_):
     pass
 
 
-def get_dump_format(cycling_type=None):
+def get_dump_format() -> None:
     """Return cycle point string dump format."""
     # Not used for integer cycling.
     return None
diff --git a/cylc/flow/cycling/iso8601.py b/cylc/flow/cycling/iso8601.py
index 832f18b7949..75842c97eb2 100644
--- a/cylc/flow/cycling/iso8601.py
+++ b/cylc/flow/cycling/iso8601.py
@@ -649,6 +649,9 @@ def __lt__(self, other):
     def __str__(self):
         return self.value
 
+    def __repr__(self) -> str:
+        return f"<{type(self).__name__} {self.value}>"
+
     def __hash__(self) -> int:
         return hash(self.value)
 
@@ -902,7 +905,7 @@ def init(num_expanded_year_digits=0, custom_dump_format=None, time_zone=None,
     return WorkflowSpecifics
 
 
-def get_dump_format():
+def get_dump_format() -> str:
     """Return cycle point string dump format."""
     return WorkflowSpecifics.DUMP_FORMAT
 
diff --git a/cylc/flow/cycling/loader.py b/cylc/flow/cycling/loader.py
index 11b86f0819c..deb57befaf6 100644
--- a/cylc/flow/cycling/loader.py
+++ b/cylc/flow/cycling/loader.py
@@ -19,11 +19,21 @@
 Each task may have multiple sequences, e.g. 12-hourly and 6-hourly.
 """
 
-from typing import Optional, Type, overload
+from typing import (
+    Literal,
+    Optional,
+    Type,
+    overload,
+)
 
-from cylc.flow.cycling import PointBase, integer, iso8601
 from metomi.isodatetime.data import Calendar
 
+from cylc.flow.cycling import (
+    PointBase,
+    integer,
+    iso8601,
+)
+
 
 ISO8601_CYCLING_TYPE = iso8601.CYCLER_TYPE_ISO8601
 INTEGER_CYCLING_TYPE = integer.CYCLER_TYPE_INTEGER
@@ -88,8 +98,18 @@ def get_point_cls(cycling_type: Optional[str] = None) -> Type[PointBase]:
     return POINTS[cycling_type]
 
 
-def get_dump_format(cycling_type=None):
-    """Return cycle point dump format, or None."""
+@overload
+def get_dump_format(cycling_type: Literal["integer"]) -> None:
+    ...
+
+
+@overload
+def get_dump_format(cycling_type: Literal["iso8601"]) -> str:
+    ...
+
+
+def get_dump_format(cycling_type: Literal["integer", "iso8601"]) -> str | None:
+    """Return cycle point dump format (None for integer mode)."""
     return DUMP_FORMAT_GETTERS[cycling_type]()
 
 
diff --git a/cylc/flow/scheduler.py b/cylc/flow/scheduler.py
index d7197381336..817dbe77b8b 100644
--- a/cylc/flow/scheduler.py
+++ b/cylc/flow/scheduler.py
@@ -1228,7 +1228,7 @@ def apply_new_config(self, config, is_reload=False):
         })
 
     def _set_workflow_params(
-        self, params: Iterable[Tuple[str, Optional[str]]]
+        self, params: Iterable[tuple[str, str | None]]
     ) -> None:
         """Set workflow params on restart/reload.
 
@@ -1240,20 +1240,20 @@ def _set_workflow_params(
         * A flag to indicate if the workflow should be paused or not.
         * Original workflow run time zone.
         """
-        LOG.info('LOADING workflow parameters')
+        LOG.info("LOADING saved workflow parameters")
         for key, value in params:
             if key == self.workflow_db_mgr.KEY_RUN_MODE:
                 self.options.run_mode = value or RunMode.LIVE.value
                 LOG.info(f"+ run mode = {value}")
             if value is None:
                 continue
-            if key in self.workflow_db_mgr.KEY_INITIAL_CYCLE_POINT_COMPATS:
+            if key == self.workflow_db_mgr.KEY_INITIAL_CYCLE_POINT:
                 self.options.icp = value
                 LOG.info(f"+ initial point = {value}")
-            elif key in self.workflow_db_mgr.KEY_START_CYCLE_POINT_COMPATS:
+            elif key == self.workflow_db_mgr.KEY_START_CYCLE_POINT:
                 self.options.startcp = value
                 LOG.info(f"+ start point = {value}")
-            elif key in self.workflow_db_mgr.KEY_FINAL_CYCLE_POINT_COMPATS:
+            elif key == self.workflow_db_mgr.KEY_FINAL_CYCLE_POINT:
                 if self.is_restart and self.options.fcp == 'reload':
                     LOG.debug(f"- final point = {value} (ignored)")
                 elif self.options.fcp is None:
diff --git a/cylc/flow/workflow_db_mgr.py b/cylc/flow/workflow_db_mgr.py
index 5bd9889a221..f7e8df8d8c5 100644
--- a/cylc/flow/workflow_db_mgr.py
+++ b/cylc/flow/workflow_db_mgr.py
@@ -95,13 +95,8 @@ class WorkflowDatabaseManager:
     """Manage the workflow runtime private and public databases."""
 
     KEY_INITIAL_CYCLE_POINT = 'icp'
-    KEY_INITIAL_CYCLE_POINT_COMPATS = (
-        KEY_INITIAL_CYCLE_POINT, 'initial_point')
     KEY_START_CYCLE_POINT = 'startcp'
-    KEY_START_CYCLE_POINT_COMPATS = (
-        KEY_START_CYCLE_POINT, 'start_point')
     KEY_FINAL_CYCLE_POINT = 'fcp'
-    KEY_FINAL_CYCLE_POINT_COMPATS = (KEY_FINAL_CYCLE_POINT, 'final_point')
     KEY_STOP_CYCLE_POINT = 'stopcp'
     KEY_UUID_STR = 'uuid_str'
     KEY_CYLC_VERSION = 'cylc_version'
@@ -337,7 +332,7 @@ def put_workflow_params(self, schd: 'Scheduler') -> None:
         This method queues the relevant insert statements.
 
         Arguments:
-            schd (cylc.flow.scheduler.Scheduler): scheduler object.
+            schd: scheduler object.
         """
         self.db_deletes_map[self.TABLE_WORKFLOW_PARAMS].append({})
         self.db_inserts_map[self.TABLE_WORKFLOW_PARAMS].extend([
@@ -353,11 +348,8 @@ def put_workflow_params(self, schd: 'Scheduler') -> None:
         ])
 
         # Store raw initial cycle point in the DB.
-        value = schd.config.evaluated_icp
-        value = None if value == 'reload' else value
         self.put_workflow_params_1(
-            self.KEY_INITIAL_CYCLE_POINT,
-            value or str(schd.config.initial_point)
+            self.KEY_INITIAL_CYCLE_POINT, str(schd.config.initial_point)
         )
 
         for key in (
diff --git a/tests/functional/cylc-combination-scripts/09-vr-icp-now.t b/tests/functional/cylc-combination-scripts/09-vr-icp-now.t
index 932e735fff1..bac831f89d8 100644
--- a/tests/functional/cylc-combination-scripts/09-vr-icp-now.t
+++ b/tests/functional/cylc-combination-scripts/09-vr-icp-now.t
@@ -16,7 +16,8 @@
 # along with this program.  If not, see <http://www.gnu.org/licenses/>.
 
 #------------------------------------------------------------------------------
-# Ensure that validate step of Cylc VR cannot change the options object.
+# Ensure that validate step of `cylc vr` does not set the --icp option for the
+# restart step, as this would cause an InputError.
 # See https://github.com/cylc/cylc-flow/issues/6262
 
 . "$(dirname "$0")/test_header"
@@ -26,14 +27,13 @@ WORKFLOW_ID=$(workflow_id)
 
 cp -r "${TEST_SOURCE_DIR}/${TEST_NAME_BASE}/flow.cylc" .
 
-run_ok "${TEST_NAME_BASE}-vip" \
-    cylc vip . \
-        --workflow-name "${WORKFLOW_ID}" \
-        --no-detach \
-        --no-run-name
+run_ok "${TEST_NAME_BASE}-vip" cylc vip . \
+    --workflow-name "${WORKFLOW_ID}" \
+    --no-detach \
+    --no-run-name \
+    --mode simulation
 
 echo "# Some Comment" >> flow.cylc
 
 run_ok "${TEST_NAME_BASE}-vr" \
-    cylc vr "${WORKFLOW_ID}" \
-        --stop-cycle-point 2020-01-01T00:02Z
+    cylc vr "${WORKFLOW_ID}" --no-detach --mode simulation
diff --git a/tests/functional/cylc-combination-scripts/09-vr-icp-now/flow.cylc b/tests/functional/cylc-combination-scripts/09-vr-icp-now/flow.cylc
index e9f6284769e..c49ad6df60c 100644
--- a/tests/functional/cylc-combination-scripts/09-vr-icp-now/flow.cylc
+++ b/tests/functional/cylc-combination-scripts/09-vr-icp-now/flow.cylc
@@ -1,8 +1,11 @@
+[scheduler]
+    [[events]]
+        restart timeout = PT0S
 [scheduling]
     initial cycle point = 2020
-    stop after cycle point = 2020-01-01T00:01Z
+    final cycle point = 2020
     [[graph]]
-        PT1M = foo
+        P1Y = foo
 [runtime]
     [[foo]]
         [[[simulation]]]
diff --git a/tests/functional/param_expand/01-basic.t b/tests/functional/param_expand/01-basic.t
index e058224649a..a7c34d42828 100644
--- a/tests/functional/param_expand/01-basic.t
+++ b/tests/functional/param_expand/01-basic.t
@@ -381,9 +381,9 @@ cmp_ok '19.cylc' <<'__FLOW_CONFIG__'
     [[templates]]
         lang = %(lang)s
 [scheduling]
-    cycling mode = integer
     initial cycle point = 1
     final cycle point = 1
+    cycling mode = integer
     [[graph]]
         R1 = <lang=c++> => <lang = fortran-2008>
 [runtime]
diff --git a/tests/functional/reload/23-cycle-point-time-zone.t b/tests/functional/reload/23-cycle-point-time-zone.t
index d9bf2166560..a6d181b9a62 100644
--- a/tests/functional/reload/23-cycle-point-time-zone.t
+++ b/tests/functional/reload/23-cycle-point-time-zone.t
@@ -50,7 +50,7 @@ poll_grep_workflow_log "Reload completed"
 cylc stop --now --now "${WORKFLOW_NAME}"
 
 log_scan "${TEST_NAME_BASE}-log-scan" "${WORKFLOW_RUN_DIR}/log/scheduler/log" 1 0 \
-    'LOADING workflow parameters' \
+    'LOADING saved workflow parameters' \
     '+ cycle point time zone = +0100'
 
 purge
diff --git a/tests/functional/restart/52-cycle-point-time-zone.t b/tests/functional/restart/52-cycle-point-time-zone.t
index 9b928ca721e..53430c2c254 100644
--- a/tests/functional/restart/52-cycle-point-time-zone.t
+++ b/tests/functional/restart/52-cycle-point-time-zone.t
@@ -55,7 +55,7 @@ poll_workflow_running
 cylc stop "${WORKFLOW_NAME}"
 
 log_scan "${TEST_NAME_BASE}-log-scan" "${WORKFLOW_RUN_DIR}/log/scheduler/log" 1 0 \
-    'LOADING workflow parameters' \
+    'LOADING saved workflow parameters' \
     '+ cycle point time zone = +0100'
 
 purge
diff --git a/tests/integration/test_config.py b/tests/integration/test_config.py
index 35b63d80b73..afb6b721fed 100644
--- a/tests/integration/test_config.py
+++ b/tests/integration/test_config.py
@@ -21,6 +21,7 @@
 from typing import Any
 import pytest
 
+from cylc.flow import commands
 from cylc.flow.cfgspec.glbl_cfg import glbl_cfg
 from cylc.flow.cfgspec.globalcfg import GlobalConfig
 from cylc.flow.exceptions import (
@@ -33,6 +34,7 @@
 from cylc.flow.parsec.exceptions import ListValueError
 from cylc.flow.parsec.fileparse import read_and_proc
 from cylc.flow.pathutil import get_workflow_run_pub_db_path
+from cylc.flow.scheduler import Scheduler
 
 Fixture = Any
 param = pytest.param
@@ -778,3 +780,60 @@ async def test_task_event_bad_custom_template(
     with pytest.raises(WorkflowConfigError, match=exception):
         async with start(schd):
             pass
+
+
+async def test_icp_now_reload(
+    flow, scheduler, start, monkeypatch: pytest.MonkeyPatch, log_filter
+):
+    """initial cycle point = 'now' should not change from original value on
+    reload/restart, and sequences should remain intact.
+
+    https://github.com/cylc/cylc-flow/issues/7047
+    """
+    def set_time(value):
+        monkeypatch.setattr(
+            'cylc.flow.config.get_current_time_string',
+            lambda *a, **k: f"2005-01-01T{value}Z",
+        )
+
+    wid = flow({
+        'scheduling': {
+            'initial cycle point': 'now',
+            'graph': {
+                'R1': 'cold => foo',
+                'PT15M': 'foo[-PT15M] => foo',
+            },
+        },
+    })
+    schd: Scheduler = scheduler(wid)
+
+    def main_check(icp):
+        assert str(schd.config.initial_point) == icp
+        assert schd.pool.get_task_ids() == {
+            f'{icp}/cold',
+        }
+        assert {str(seq) for seq in schd.config.sequences} == {
+            f'R1/{icp}/P0Y',
+            f'R/{icp}/PT15M',
+        }
+
+    set_time('06:00')
+    async with start(schd):
+        expected_icp = '20050101T0600Z'
+        main_check(expected_icp)
+
+        set_time('06:03')
+        await commands.run_cmd(commands.reload_workflow(schd))
+
+        main_check(expected_icp)
+
+        await commands.run_cmd(
+            commands.set_prereqs_and_outputs(
+                schd, [f'{expected_icp}/cold'], []
+            )
+        )
+        # Downstream task should have spawned on sequence:
+        assert schd.pool.get_task_ids() == {
+            f'{expected_icp}/foo',
+        }
+        assert not log_filter(level=logging.WARNING)
diff --git a/tests/unit/test_config.py b/tests/unit/test_config.py
index 74a711df7c6..377cada18b2 100644
--- a/tests/unit/test_config.py
+++ b/tests/unit/test_config.py
@@ -263,14 +263,12 @@ def test_family_inheritance_and_quotes(
 
 
 @pytest.mark.parametrize(
-    ('cycling_type', 'scheduling_cfg', 'expected_icp', 'expected_eval_icp',
-     'expected_err'),
+    ('cycling_type', 'scheduling_cfg', 'expected_icp', 'expected_err'),
     [
         pytest.param(
             ISO8601_CYCLING_TYPE,
             {'initial cycle point': None},
             None,
-            None,
             (WorkflowConfigError, "requires an initial cycle point"),
             id="Lack of icp"
         ),
@@ -279,14 +277,12 @@ def test_family_inheritance_and_quotes(
             {'initial cycle point': None},
             '1',
             None,
-            None,
             id="Default icp for integer cycling type"
         ),
         pytest.param(
             INTEGER_CYCLING_TYPE,
             {'initial cycle point': "now"},
             None,
-            None,
             (PointParsingError, "invalid literal for int()"),
             id="Non-integer ICP for integer cycling type"
         ),
@@ -294,7 +290,6 @@ def test_family_inheritance_and_quotes(
             INTEGER_CYCLING_TYPE,
             {'initial cycle point': "20500808T0000Z"},
             None,
-            None,
             (PointParsingError, "invalid literal for int()"),
             id="More non-integer ICP for integer cycling type"
         ),
@@ -302,7 +297,6 @@ def test_family_inheritance_and_quotes(
             ISO8601_CYCLING_TYPE,
             {'initial cycle point': "1"},
             None,
-            None,
             (PointParsingError, "Invalid ISO 8601 date representation"),
             id="Non-ISO8601 ICP for ISO8601 cycling type"
         ),
@@ -310,7 +304,6 @@ def test_family_inheritance_and_quotes(
             ISO8601_CYCLING_TYPE,
             {'initial cycle point': 'now'},
             '20050102T0615+0530',
-            '20050102T0615+0530',
             None,
             id="ICP = now"
         ),
@@ -318,7 +311,6 @@ def test_family_inheritance_and_quotes(
             ISO8601_CYCLING_TYPE,
             {'initial cycle point': 'previous(T00)'},
             '20050102T0000+0530',
-            '20050102T0000+0530',
             None,
             id="ICP = prev"
         ),
@@ -330,7 +322,6 @@ def test_family_inheritance_and_quotes(
             },
             '20130101T0000+0530',
             None,
-            None,
             id="Constraints"
         ),
         pytest.param(
@@ -340,7 +331,6 @@ def test_family_inheritance_and_quotes(
                 'initial cycle point constraints': ['--01-19', '--01-21']
             },
             None,
-            None,
             (WorkflowConfigError, "does not meet the constraints"),
             id="Violated constraints"
         ),
@@ -350,7 +340,6 @@ def test_family_inheritance_and_quotes(
                 'initial cycle point': 'a',
             },
             None,
-            None,
             (WorkflowConfigError, 'Invalid ISO 8601 date representation: a'),
             id="invalid"
         ),
@@ -360,7 +349,6 @@ def test_process_icp(
     cycling_type: str,
     scheduling_cfg: Dict[str, Any],
     expected_icp: Optional[str],
-    expected_eval_icp: Optional[str],
     expected_err: Optional[Tuple[Type[Exception], str]],
     monkeypatch: pytest.MonkeyPatch, set_cycling_type: 'Fixture'
 ) -> None:
@@ -372,8 +360,6 @@ def test_process_icp(
         cycling_type: Workflow cycling type.
         scheduling_cfg: 'scheduling' section of workflow config.
         expected_icp: The expected icp value that gets set.
-        expected_eval_icp: The expected value of options.icp that gets set
-            (this gets stored in the workflow DB).
         expected_err: Exception class expected to be raised plus the message.
     """
     set_cycling_type(cycling_type, time_zone="+0530")
@@ -400,10 +386,6 @@ def test_process_icp(
         assert mocked_config.cfg[
             'scheduling']['initial cycle point'] == expected_icp
         assert str(mocked_config.initial_point) == expected_icp
-        eval_icp = mocked_config.evaluated_icp
-        if eval_icp is not None:
-            eval_icp = str(loader.get_point(eval_icp).standardise())
-        assert eval_icp == expected_eval_icp
 
 
 @pytest.mark.parametrize(