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Version Superseded: 24/07/2002
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(1)In section 154 of the M1Finance Act 1993 (definitions connected with assets) the following subsections shall be inserted after subsection (5)—
“(5A)The question whether a company becomes unconditionally entitled at a particular time to an asset falling within section 153(1)(a) above shall be determined without reference to the fact that there is or is not a later time when, or before which, the whole or any part of the debt is required to be paid.
(5B)Where an asset falling within section 153(1)(a) above consists of a right to interest—
(a)a company becomes unconditionally entitled to the asset at the time when or (as the case may be) before which the interest is required to be paid to the company, and
(b)subsection (5A) above shall not apply.”
(2)In that section the following subsections shall be inserted after subsection (13)—
“(13A)In a case where—
(a)a company would (apart from this subsection) become entitled to an asset at a particular time (the earlier time) by virtue of subsections (1) to (11) above,
(b)the asset falls within section 153(1)(a) above and the debt concerned is a debt on a security, or the asset is a share,
(c)the time at which the company, in drawing up its accounts, regards itself as becoming entitled to the asset is a time (the later time) later than the earlier time, and
(d)the accounts are drawn up in accordance with normal accountancy practice,
the company shall be taken to become entitled to the asset at the later time and not at the earlier time.
(13B)In a case where—
(a)a company would (apart from this subsection) cease to be entitled to an asset at a particular time (the earlier time) by virtue of subsections (1) to (11) above,
(b)the asset falls within section 153(1)(a) above and the debt concerned is a debt on a security, or the asset is a share,
(c)the time at which the company, in drawing up its accounts, regards itself as ceasing to be entitled to the asset is a time (the later time) later than the earlier time, and
(d)the accounts are drawn up in accordance with normal accountancy practice,
the company shall be taken to cease to be entitled to the asset at the later time and not at the earlier time.”
(3)In section 155 of that Act (definitions connected with liabilities) the following subsections shall be inserted after subsection (4)—
“(4A)The question whether a company becomes unconditionally subject at a particular time to a liability falling within section 153(2)(a) above shall be determined without reference to the fact that there is or is not a later time when, or before which, the whole or any part of the debt is required to be paid.
(4B)Where a liability falling within section 153(2)(a) above consists of a duty to pay interest—
(a)a company becomes unconditionally subject to the liability at the time when or (as the case may be) before which the company is required to pay the interest, and
(b)subsection (4A) above shall not apply.”
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