Modifications etc. (not altering text)
C1Pt. 6 modified by Airports Act 1986 (c. 31), s. 77(3) (as substituted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 3 (with Sch. 15))
C2Pt. 6 modified by Gas Act 1986 (c. 44), s. 60(3) (as substituted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 4 (with Sch. 15))
C3Pt. 6 modified by British Steel Act 1988 (c. 35), s. 11(7) (as substituted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 55 (with Sch. 15))
(1)M1The Board may make regulations with respect to the procedure to be adopted for giving effect to section 247 and as to the information and evidence to be furnished by a company in connection with that section and, subject to the provisions of such regulations, an election under that section (“the election”) shall be made by notice to the inspector which shall set out the facts necessary to show that the companies are entitled to make the election.
(2)M2The election shall not have effect in relation to F1. . . payments paid less than three months after the giving of the notice and before the inspector is satisfied that the election is validly made, and has so notified the companies concerned; but shall be of no effect if within those three months the inspector notifies the companies concerned that the validity of the election is not established to his satisfaction.
(3)The companies concerned shall have the like right of appeal against any decision that the validity of the election is not established as the company paying the F1. . . payments would have if it were an assessment made on that company, and Part V of the Management Act shall apply accordingly.
(4)M3The election shall cease to be in force if at any time the companies cease to be entitled to make the election, and on that happening each company shall forthwith notify the inspector.
(5)Either of the companies making the election may at any time give the inspector notice revoking the election; and any such notice shall have effect from the time it is given.
(6)M4The Board shall not make any regulations under subsection (1) above unless a draft of them has been laid before and approved by a resolution of the House of Commons.
Textual Amendments
F1Words in s. 248(2)(3) repealed (with effect in accordance with Sch. 3 para. 20(3) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 20(2), Sch. 27 Pt. 3(2), Note
Marginal Citations
M1Source—1972 s.91(3); 1970 s.257(1)
M2Source—1970 s.257(2)
M3Source—1970 s.257(3), (4)
M4Source—1972 s.91(3)