{
  "url": "https://openlegislation.uk/finance-act-2012/schedule-13/paragraph-7",
  "json_url": "https://openlegislation.uk/finance-act-2012/schedule-13/paragraph-7.json",
  "legislation": "ukpga/2012/14",
  "legislation_title": "Finance Act 2012",
  "legislation_url": "https://openlegislation.uk/finance-act-2012",
  "path": "schedule/13/paragraph/7",
  "kind": "paragraph",
  "number": "7",
  "heading": null,
  "text": "(1) In this Part of this Schedule “the completion day” means the earliest of the following—\n(a) the day on which the asset-backed arrangement is to be completed determined as at the beginning of 29 November 2011;\n(b) the day on which the asset-backed arrangement is actually completed;\n(c) the day on which a completion event occurs (see sub-paragraphs (2) to (5));\n(d) if an event falling within paragraph 8 occurs, the day on which falls the time immediately before the occurrence of the event.\n(2) To determine if a completion event occurs for the purposes of sub-paragraph (1)(c) first determine, as at the beginning of 22 February 2012, the following—\n(a) the number of payments to be made after the beginning of 22 February 2012 to which a responsible authority is entitled in connection with the asset-backed arrangement,\n(b) what the amounts of those payments are to be, and\n(c) the times at which those payments are to be made.\n(3) A completion event occurs for the purposes of sub-paragraph (1)(c) if, after the beginning of 22 February 2012—\n(a) whether as a result of a term of the asset-backed arrangement or another arrangement or otherwise—\n(i) there is a change in the number of payments to be made from that determined under sub-paragraph (2),\n(ii) there is a significant change in the amount of a payment to be made from that so determined, or\n(iii) there is a significant change in the time at which a payment is to be made from that so determined,\n(b) a payment determined under sub-paragraph (2) is not made,\n(c) a payment determined under sub-paragraph (2) is made but its amount is significantly different from the amount so determined for the payment, or\n(d) a payment determined under sub-paragraph (2) is made but is made at a time significantly different from the time so determined for the payment.\n(4) In sub-paragraphs (2) and (3) references to payments are to payments of any type including drawings or distributions from a partnership, payments in respect of the security and other payments in respect of an asset (as read in accordance with section 776(4)(b) of CTA 2010).\n(5) For the purposes of sub-paragraph (3)(b) to (d) it does not matter if the event in question is authorised by a term of the asset-backed arrangement or any other arrangement or results from the occurrence or non-occurrence of another event which is so authorised.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2012/14/schedule/13/paragraph/7",
    "retrieved_at": "2026-10-29T09:08:44.989153+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}