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Finance Act 1994

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This is the original version (as it was originally enacted).

115Currency contracts: net payments

(1)In section 126 of the [1993 c. 34.] Finance Act 1993 (accrual on currency contracts) the following subsection shall be inserted after subsection (1)—

(1A)In deciding whether a contract falls within subsection (1) above it is immaterial that the rights and duties there mentioned may be exercised and discharged by a payment made to or, as the case may require, by the qualifying company of an amount (in whatever currency) designed to represent any difference in value at the specified time between the two payments referred to in that subsection.

(2)In section 146 of that Act (early termination of currency contract) the following subsection shall be inserted after subsection (1)—

(1A)This section also applies where—

(a)a qualifying company ceases to be entitled to rights and subject to duties under a currency contract, and

(b)it so ceases by virtue of the making of a payment to or by the company of an amount (in whatever currency) designed to represent any difference in value at the specified time between the two payments referred to in section 126(1) above.

(3)In section 164(2) of that Act (definition of currency contract for purposes of the Chapter) after “(1)” there shall be inserted “and (1A)”.

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