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Finance Act 1994

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Changes over time for: Cross Heading: Contracts relating to credit

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No versions valid at: 03/05/1994

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Valid from 01/10/1994

Contracts relating to creditU.K.

13(1)A contract falls within this paragraph if it relates only to credit granted in relation to goods or services supplied under a relevant contract by a person carrying on business in the United Kingdom.U.K.

(2)For the purposes of this paragraph a relevant contract is—

(a)a contract to make a relevant supply of goods, or a supply of services, or both, to an overseas customer;

(b)a contract to supply goods to a person who is to—

(i)export those goods; or

(ii)incorporate those goods in other goods which he is to export,

where the condition mentioned in sub-paragraph (3) below is satisfied;

(c)a contract to supply to a person who is to export goods services consisting of the valuation or testing of, or other work carried out on, those goods where the condition mentioned in sub-paragraph (3) below is satisfied;

(d)a contract to supply services to a person in order that he may comply with a legally binding obligation to make a supply of services to an overseas customer.

(3)The condition referred to in sub-paragraph (2)(b) and (c) above is that the goods to be exported are to be exported in order that the person exporting them may comply with a legally binding obligation to make a relevant supply of goods to an overseas customer.

(4)For the purposes of this paragraph—

(a)“export” means export from the United Kingdom and cognate expressions shall be construed accordingly; and

(b)any reference to a person who is to export goods shall be taken as including a reference to a person at whose direction the insured is to export them and the reference in sub-paragraph (3) above to the person exporting goods shall be construed accordingly.

(5)Where a contract relates to—

(a)credit of the description in sub-paragraph (1) above; and

(b)loss resulting from the insured or any third party being required to pay the amount of any bond or guarantee against non-performance by the insured of the contract which involves him making the supply,

the contract shall be treated for the purposes of sub-paragraph (1) above as if it did not relate to loss of the description in paragraph (b) above.

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