Finance Act 1987

Timing of nominations U.K.

4 (1) Subject to sub-paragraph (2) below, a nomination shall be effective only if it is made not later than five o’clock in the afternoon of the second business day following the date which in relation to a proposed transaction of that description, is prescribed as the transaction base date.

(2) Sub-paragraph (1) above does not apply to a nomination made on or before 16th February 1987 which specified a proposed transaction having a transaction base date earlier than 12th February 1987.

(3) The transaction base date prescribed for a proposed sale may be a date earlier than the date on which a legally binding agreement for the sale of the oil in question comes into being but may not be later than the date on which there is an agreed price at which any oil which is to be delivered pursuant to the contract of sale will be sold.

(4) In this paragraph—

(a) “business day” has the same meaning as in the M1 Bills of Exchange Act 1882;

(b) “prescribed” means perscribed by regulations made by the Board.

Modifications etc. (not altering text)

C1 See S.I. 1987 No. 1338 (in Part III) regns. 7 and 8 for prescription of the transaction base date for various purposes

Marginal Citations

M1 1882 c. 61.