1.Section 46 and Schedule 16 provide legislation that restricts Exchequer exposure to losses from overhedging and underhedging structures (“risk transfer schemes”) to the real economic loss from those transactions. This is achieved by ensuring that any losses from these arrangements, other than the real economic loss at group level, are ring-fenced and can only be offset against profits from the same arrangements.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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