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Changes over time for: Paragraph 11
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Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 21/07/2009.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2004, Paragraph 11.
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Changes to Legislation
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11(1)In this Schedule—U.K.
“existing leaseback” means a leaseback the term of which began before 17 March 2004;
“pre-commencement rentals”, in relation to an existing leaseback, means—
(a)
any amounts payable by the lessee to the lessor under the leaseback before 17 March 2004,
(b)
any amounts so payable on or after 17 March 2004 in respect of a period that ends before 17 March 2004, or
(c)where any amounts are so payable on or after 17 March 2004 in respect of a period which begins before that date and ends on or after that date, the appropriate fraction of each of those amounts;
“transitional period of account” means a period of account that includes 17 March 2004.
(2)In this Schedule the “appropriate fraction”, in respect of an amount that relates to a particular period, means this fraction—
where—
“Pre-commencement Period” means the number of days in the part of the period that falls before 17 March 2004, and
“Whole Period” means the number of days in the whole of the period.
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