Regulation 31 Application of this Part

(1)

This Part applies where—

(a)

a person (“P”) is party to a qualifying defence contract; and

(b)

the ongoing contract condition is met in relation to a financial year (“the relevant financial year”).

(2)

Paragraph (1) is subject to section 25(4) (minimum value of qualifying defence contract for reporting requirement to be imposed), and the amount specified for the purposes of that subsection is—

(a)

for the financial years ending on 31 March 2016 and 31 March 2017, £20,000,000;

(b)

for subsequent financial years, £50,000,000.

(3)

The reference in paragraph (1) to the ongoing contract condition being met in relation to a financial year has the meaning given by section 25(5).

(4)

The reference in paragraph (1) to a financial year does not include the financial year ending on 31 March 2015.