Section 449 | Minor definitions for purposes of this Chapter

(1)For the purposes of this Chapter—

“balance sheet” means a balance sheet that is drawn up in accordance with generally accepted accounting practice,

“financial asset” has the same meaning as it has for accounting purposes,

“loan relationships or other financing arrangements” means—

(a)loan relationships,

(b)derivative contracts in relation to which the condition in section 387(4) is met (underlying subject matter to be interest rates etc),

(c)finance leases, or

(d)debt factoring or similar transactions, and

“the UK sector of the continental shelf” means the areas designated by Order in Council under section 1(7) of the Continental Shelf Act 1964.

(2)For the purposes of this Chapter references to a company which is “associated” with another company at any time are references to companies that are members of the same worldwide group at that time.