Yn ddilys o 28/07/2000
[F143A Finance agreement: interpretation.U.K.
(1)A transaction is a finance agreement for the purposes of sections 43B to 43F if in accordance with normal accounting practice the accounts of a company which receives money under the transaction would record a financial obligation (whether in respect of a lease creditor or otherwise) in relation to that receipt.
(2)In subsection (1) “normal accounting practice” in relation to a company means normal accounting practice for a company incorporated in a part of the United Kingdom (irrespective of where the company is in fact incorporated).
(3)The reference to a company’s accounts in subsection (1) shall be taken to include a reference to the consolidated group accounts of a group of companies of which it is a member; and—
(a)“group of companies” means a set of companies which, if each were incorporated in Great Britain, would form a group within the meaning given by section 262(1) of the M1Companies Act 1985, and
(b)“consolidated group accounts” means accounts of a kind which would satisfy the requirements of section 227 of the Companies Act 1985.
(4)For the purposes of subsection (1) a company shall be treated as receiving any money which—
(a)falls to be taken into account as a receipt for the purpose of calculating the company’s liability to corporation tax, or
(b)would fall to be taken into account as a receipt for that purpose if the company were resident in the United Kingdom.]
Textual Amendments
F1Ss. 43A-43G and cross-heading inserted (with effect in accordance with s. 110(2) of the amending Act) by Finance Act 2000 (c. 17), s.110(1)
Marginal Citations