Valid from 29/04/1996
[F1147A Debt contracts and options to be qualifying contracts.U.K.
(1)For the purposes of this Chapter a debt contract or option is a qualifying contract as regards a qualifying company if the company becomes entitled to rights, or subject to duties, under the contract or option at any time on or after 1st April 1996.
(2)For the purposes of this Chapter a qualifying company which is entitled to rights, or subject to duties, under a debt contract or option both immediately before and on 1st April 1996 shall be deemed to have become entitled or subject to those rights or duties on that date.
(3)This section has effect subject to paragraph 25 of Schedule 15 to the Finance Act 1996 (transitional provisions).]
Textual Amendments
F1S. 147A inserted (29.4.1996 with effect as mentioned in s. 105(1) of the inserting Act) by 1996 c. 8, s. 101(2) (with savings etc. in Pt. IV Chapter II (ss. 80-105))