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Finance Act 1987

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Changes over time for: Paragraph 4

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Version Superseded: 19/07/2006

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Point in time view as at 03/05/1994.

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4(1)Subject to [F1sub-paragraphs (2) and (2A)] below, a nomination shall be effective only if it is made not later than five o’clock in the afternoon of the second business day following the date which in relation to a proposed transaction of that description, is prescribed as the transaction base date.U.K.

(2)Sub-paragraph (1) above does not apply to a nomination made on or before 16th February 1987 which specified a proposed transaction having a transaction base date earlier than 12th February 1987.

[F2(2A)Where the proposed transaction has a transaction base date later than 31st December 1993, sub-paragraph (1) above has effect with the substitution for the reference to the second business day of a reference to the first business day.]

(3)The transaction base date prescribed for a proposed sale may be a date earlier than the date on which a legally binding agreement for the sale of the oil in question comes into being but may not be later than the date on which there is an agreed price at which any oil which is to be delivered pursuant to the contract of sale will be sold.

(4)In this paragraph—

(a)“business day” has the same meaning as in the M1Bills of Exchange Act 1882;

(b)“prescribed” means perscribed by regulations made by the Board.

Textual Amendments

F1Words in Sch. 10 para. 4(1) substituted (3.5.1994) by 1994 c. 9, s. 235(3)(a)

F2Sch. 10 para. 4(2A) inserted (3.5.1994) by 1994 c. 9 s. 235(3)(b)

Modifications etc. (not altering text)

C1See S.I. 1987 No. 1338 (in Part III) regns. 7 and 8 for prescription of the transaction base date for various purposes

Marginal Citations

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