3(1)Section 196 of that Act (interpretation of sections 194 to 195E) is amended as follows.U.K.
(2)In the heading, for “195E” substitute “ 195F ”.
(3)In subsection (1B), for “195E” substitute “ 195F ”.
(4)In subsection (5)—
(a)for “195E” substitute “ 195F ”, and
(b)in the definition of “non-licence consideration”, omit “as determined at the time the swap arrangements are entered into”.
(5)For subsection (5B) substitute—
“(5B)Subsections (5C) to (5F) apply for the purposes of sections 195A to 195F.
(5C)Any determination—
(a)of the consideration given for disposal A or disposal B,
(b)of the non-licence consideration, or
(c)of the value of a licence comprised in disposal A or disposal B,
is to be made as at the time the swap arrangements are entered into.
But this is subject to subsections (5D) to (5F).
(5D)Subsections (5E) and (5F) apply if, under the swap arrangements, economic benefits and liabilities under the licences concerned are treated as passing at a time (“the effective time”) which falls before or after the day on which the arrangements are entered into.
(5E)Any determination—
(a)of the consideration given for disposal A or disposal B,
(b)of the non-licence consideration, or
(c)of the value of a licence comprised in disposal A or disposal B,
is to be made as at the effective time.
(5F)But if the swap arrangements make provision for an increase in the non-licence consideration to reflect the period between the effective time and the time it is payable, the non-licence consideration is to be treated as if it were the amount found by making a corresponding increase in the amount determined under subsection (5E).”