This is the original version (as it was originally enacted).
(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 £1,000 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 a recognised bank which is the wholly-owned subsidiary of a company incorporated in the United Kingdom.
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