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4(1)References in paragraph 3 to the “net debt” of a company as at any date are to—U.K.
(a)the sum of the company's relevant liabilities as at that date, less
(b)the sum of the company's relevant assets as at that date.
(2)The amount determined in accordance with sub-paragraph (1) may be a negative amount.
(3)For the purposes of this paragraph a company's “relevant liabilities” as at any date are the amounts that are disclosed in the balance sheet of the company as at that date in respect of—
(a)amounts borrowed (whether by way of overdraft or other short term or long term borrowing),
(b)liabilities in respect of finance leases, or
(c)amounts of such other description as may be specified in regulations made by the Commissioners.
(4)For the purposes of this paragraph a company's “relevant assets” as at any date are the amounts that are disclosed in the balance sheet of the company as at that date in respect of—
(a)cash and cash equivalents,
(b)amounts loaned (whether by way of overdraft or other short term or long term loan),
(c)net investments, or net cash investments, in finance leases,
(d)securities of Her Majesty's government or of the government of any other country or territory, or
(e)amounts of such other description as may be specified in regulations made by the Commissioners.
(5)Expressions used in sub-paragraphs (3)(a) and (b) and (4)(a) to (c) have the meaning for the time being given by generally accepted accounting practice.
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