- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
7(1)This paragraph applies for the purposes of condition C in paragraphs 2 and 3.
(2)A payment is financed by a person if, directly or indirectly, the person—
(a)provides funds to enable the person to whom the supply is made to make the whole or part of the payment (whether the funds are provided before or after the payment is made),
(b)procures the provision of such funds by another person,
(c)provides funds for discharging (in whole or in part) any liability that has been or may be incurred by any person for or in connection with raising funds to enable the person to whom the supply is made to make the payment, or
(d)procures that any such liability is or will be discharged (in whole or in part) by another person.
(3)In sub-paragraph (2) the references to providing funds for a purpose are to—
(a)making a loan of funds that are or are to be used for that purpose,
(b)providing a guarantee or other security in relation to such a loan,
(c)providing consideration for the issue of shares or other securities issued wholly or partly for raising those funds,
(d)providing consideration for the acquisition by any person of any such shares or securities, or
(e)any other transfer of assets or value as a consequence of which any of those funds are made available for that purpose.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: