Transport Act 2000

This section has no associated Explanatory Notes

17(1)Sub-paragraph (2) applies if, as a result of a relevant transfer, the transferee replaces the transferor as a party to a loan relationship.E+W+S+N.I.

(2)Chapter II of Part IV of the M1Finance Act 1996 is to have effect in relation to the time when the relevant transfer takes effect and any later time as if—

(a)the transferee had been a party to the loan relationship at the time the transferor became a party to the loan relationship and at all times since that time, and

(b)the loan relationship to which the transferee is a party after the time the transfer takes effect is the same loan relationship as that to which, by virtue of paragraph (a), it is treated as having been a party before that time.

(3)Expressions used in this paragraph and in Chapter II of Part IV of the Finance Act 1996 have the same meanings in this paragraph as in that Chapter.

Annotations: Help about Annotation

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Marginal Citations