7(1)Any terminal bonus, interest or other sum payable under a scheme shall not be treated as payable under a certified contractual savings scheme for the purposes of section 326 if—
(a)the scheme is not a share option linked scheme, and
(b)the contract under which the sum is payable is not entered into before 1st December 1994.
(2)Any terminal bonus, interest or other sum payable under a scheme shall not be treated as payable under a certified contractual savings scheme for the purposes of section 326 if—
(a)the contract under which the sum is payable provides for contributions to be made by way of investment in a building society or to be made to an institution authorised under the [1987 c. 22.] Banking Act 1987 or to a relevant European institution,
(b)the scheme is certified as mentioned in section 326(3)(b), (4)(b) or (5)(b) before the day appointed under paragraph 4(3) above, and
(c)the contract is not entered into before that day.
(3)In this paragraph “share option linked scheme” and “relevant European institution” have the same meanings as in section 326.