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Finance Act 2001

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This is the original version (as it was originally enacted).

43Adjustments of contracts

(1)Where—

(a)an agreement to supply a quantity of aggregate to any person has been entered into at any time before the commencement date, and

(b)on or after that date aggregates levy is charged on that quantity of aggregate,

so much of the agreement as requires any payment to be made to the supplier at the time when or after the charge to levy on that quantity of aggregate arises shall be adjusted so as to secure that the cost of discharging the liability to pay the levy, to the extent that it would otherwise have been borne by the supplier, is borne by the person making the payment.

(2)Where—

(a)an agreement with regard to any sum payable in respect of the use of land (whether the sum is called rent or royalty or otherwise) provides that the amount of the sum is to be calculated by reference to—

(i)the turnover of a business, or

(ii)the price received for minerals extracted from the land,

(b)the agreement was entered into before commencement date, and

(c)the circumstances are such that (had the agreement been made on or after that date) it might reasonably be expected that it would have provided that aggregates levy charged in particular circumstances be ignored in calculating the turnover or price,

the agreement shall be taken to provide that aggregates levy charged in those circumstances shall be ignored in calculating the turnover or, as the case may be, price.

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