Search Legislation

Finance Act 2004

 Help about what version

What Version

  • Latest available (Revised)
  • Original (As enacted)
 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Further reduction in value of charge which is not of adequate value

 Help about opening options

Alternative versions:

Changes to legislation:

There are outstanding changes not yet made by the legislation.gov.uk editorial team to Finance Act 2004. Any changes that have already been made by the team appear in the content and are referenced with annotations. Help about Changes to Legislation

Further reduction in value of charge which is not of adequate valueU.K.

7(1)If at any time after a loan is made—U.K.

(a)the loan is secured by a charge which is not of adequate value, and

(b)an event mentioned in sub-paragraph (2) occurs,

there is an unauthorised payment.

(2)The events are—

(a)the loan ceasing to be secured by a charge,

(b)a charge being given which does not comply with conditions A or C,

(c)a reduction in the value of the assets charged which does not comply with condition B, and

(d)the charge ceasing to comply with condition C.

(3)The amount of the unauthorised payment is—

where—

AAE is amount 2 (see paragraph 13) calculated after the event, and

ABE is amount 2 (see paragraph 13) calculated before the event.

(4)Paragraph 1 defines conditions A, B and C.

Commencement Information

I1Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284

Back to top

Options/Help

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open the Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?