# Finance Act 1994, Paragraph 15

Extent: E+W+S+N.I.

(1) A contract falls within this paragraph if it relates only to the provision of a relevant financial facility and the conditions mentioned in sub-paragraph (2) below are satisfied.
(2) The conditions referred to in sub-paragraph (1) above are that—
(a) the person to whom the relevant financial facility is provided is an overseas customer;
(b) it is provided in order that he may comply with a legally binding obligation to receive a relevant supply of goods, or a supply of services, or both, from a person carrying on business . . .; and
(c) the contract of insurance insures against risks arising from or in relation to either or both—
(i) credit,
(ii) suretyship.
(3) For the purposes of this paragraph a relevant financial facility is—
(a) the making of an advance;
(b) the issue of a letter of credit or acceptance of a bill of exchange;
(c) the giving of a guarantee or bond; or
(d) any other similar transaction entered into in order to provide a customer with the means to pay, or a supplier with the right to call upon a third party for, the consideration for goods or services.

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Source: https://www.legislation.gov.uk/ukpga/1994/9/schedule/7A/paragraph/15 (the official version)
Page: https://openlegislation.uk/finance-act-1994/schedule-7A/paragraph-15
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.