Regulation 5 Excluded transactions

(1)

A transaction is excluded for the purposes of Schedule 17 if—

(a)

it is a transaction within paragraph 8(2)(a) to (c) of Schedule 17 that is entered into pursuant to cash pooling arrangements in respect of which the conditions specified in paragraph (2) have been met; or

(b)

it is described in one of the paragraphs in the Schedule (excluded transactions) to these Regulations and meets such conditions (if any) as are specified there.

(2)

The conditions mentioned in paragraph (1)(a) are that before the transaction takes place—

(a)

the parties to the cash pooling arrangements notify an officer of Revenue and Customs in writing of the terms of the arrangements;

(b)

an officer of Revenue and Customs gives notice in writing to the parties that transactions entered into pursuant to the cash pooling arrangements after the date of the notice will be excluded transactions for the purposes of Schedule 17.

(3)

The Schedule (excluded transactions) to these Regulations has effect.