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Finance Act 1986
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5(1)In paragraph 3 (definition of “the relevant contract”[F1in sub-paragraph (1)]) in paragraph (a) after the word “and”, in the first place where it occurs, there shall be inserted the words “which, subject to sub-paragraph (3) below” and in the words following paragraph (b) for the words from “is not” onwards, there shall be substituted “which, subject to paragraph 2A(2) above, is not necessarily a contract for the sale of light gases for the purposes specified in the election”.U.K.
(2)At the end of that paragraph there shall be added the following sub-paragraphs—
“(3)In the case of an election which relates to light gases which are “excluded oil”, as defined in section 10(1) of the principal Act, sub-paragraph (1)(a) above shall have effect with the omission of the words from “and which” to “date of the election”.
(4)Sub-paragraph (4) of paragraph 2A of Schedule 3 to the principal Act (assumptions as to consents in determining price under an arm’s length contract) shall apply for the purposes of paragraphs 2 and 2A above as it applies for the purposes of paragraph 2 of that Schedule, substituting a reference to a relevant contract (as defined above) for any reference to the contract mentioned in paragraph 2(2) of that Schedule.”
Textual Amendments
F1Words in Sch. 21 para. 5(1) inserted (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 74, Sch. 15 para.9.
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