Finance Act 2004

106 Transitional provision

(1) This section has effect only in relation to—

(a) payments of interest made on or after 1st January 2004 but before the coming into force of the first regulations under section 100, and

(b) payments of royalties made on or after 1st January 2004 but before the passing of this Act.

(2) Anything done by a person—

(a) before 8th April 2004, and

(b) in reliance on, and in accordance with, a provision of the published draft Chapter or the published draft regulations,

is to be treated as if it had been done under, and in accordance with, the corresponding provision of this Chapter or of regulations under section 100.

(3) Anything done by a person—

(a) on or after 8th April 2004 but before the passing of this Act, and

(b) in reliance on, and in accordance with, a provision of the published Chapter or the published regulations,

is to be treated as if it had been done under, and in accordance with, the corresponding provision of this Chapter or of regulations under section 100.

(4) During the period between the passing of this Act and the coming into force of the first regulations under section 100, the published regulations shall have effect as if they were regulations under that section.

(5) In this section—

• “the published draft Chapter” means the draft version of this Chapter published by the Board on 10th December 2003;

• “the published draft regulations” means the draft version of regulations under section 100 published by the Board on 10th December 2003;

• “the published Chapter” means the version of this Chapter appearing in the Finance Bill as introduced in the House of Commons and published on 8th April 2004;

• “the published regulations” means the draft version of regulations under section 100 published by the Board on 8th April 2004.