(1)Section 343 does not apply in relation to—
(a)transactions or arrangements made or subsisting during a financial year by a company or by a subsidiary of a company for a person who was at any time during that year a director of the company or of its holding company or was connected with such a director, or
(b)an agreement made or subsisting during that year to enter into such a transaction or arrangement,
if the aggregate of the values of each transaction or arrangement made for that person, and of each agreement for such a transaction or arrangement, less the amount (if any) by which the value of those transactions, arrangements and agreements has been reduced, did not exceed [F1£2,000] at any time during the financial year.
For purposes of this subsection, values are to be determined as under section 340.
(2)Section 343(4) and (5) do not apply to [F2a banking company] which is the wholly-owned subsidiary of a company incorporated in the United Kingdom.
Textual Amendments
F1 “£2,000" substituted by S.I. 1990/1393, art. 2(e)
F2Words substituted by virtue of Banking Act 1987 (c. 22, SIF 10), s. 108(1), Sch. 6 para. 18(6) and (subject to the transitional and saving provisions in S.I. 1990/355, arts. 6–9) Companies Act 1989 (c.40, SIF 27), ss. 23, 213(2), Sch. 10 para. 10
Modifications etc. (not altering text)
C1S. 344 applied with modifications by S.I. 1985/680, regs. 4–6, Sch.
