[F1349C Directions disapplying section 349A(1)U.K.
(1)The Board may give a direction to a company [F2or local authority] directing that section 349A(1) is not to apply in relation to any payment that—
(a)is made by the company [F3or authority] after the giving of the direction, and
(b)is specified in the direction or is of a description so specified.
(2)Such a direction shall not be given unless the Board have reasonable grounds for believing as respects each payment to which the direction relates that it is likely that [F4none] of the conditions specified in section 349B will be satisfied in relation to the payment at the time the payment is made.
(3)A direction under this section may be varied or revoked by a subsequent such direction.
[F5(4)In this section—
“company” includes a partnership of which any member is a company; and
“local authority” includes a partnership of which any member is a local authority.]]
Textual Amendments
F1Ss. 349A-349D inserted (with application in accordance with s. 85(4) of the amending Act) by Finance Act 2001 (c. 9), s. 85(1)
F2Words in s. 349C(1) inserted (with application in accordance with s. 94(7) of the amending Act) by Finance Act 2002 (c. 23), s. 94(3)(a)(i)
F3Words in s. 349C(1) inserted (with application in accordance with s. 94(7) of the amending Act) by Finance Act 2002 (c. 23), s. 94(3)(a)(ii)
F4Word in s. 349C(2) substituted (with application in accordance with s. 94(7) of the amending Act) by Finance Act 2002 (c. 23), s. 94(3)(b)
F5S. 349C(4) substituted (with application in accordance with s. 94(7) of the amending Act) by Finance Act 2002 (c. 23), s. 94(3)(c)