FINANCE BILL 2001
CLAUSE 43: ADJUSTMENTS OF CONTRACTS
SUMMARY
1. This clause provides that contracts entered into in certain circumstances before the introduction of aggregates levy may be adjusted to take account of the levy.
DETAILS OF CLAUSE
2. Subsection (1) provides that, where an agreement to supply a quantity of aggregate was entered into before the introduction of aggregates levy and on or after the commencement date aggregates levy is charged on that quantity of aggregate, that agreement may be adjusted to take account of the levy.
3. Subsection (2) provides that, where rents or royalties for the use of land are calculated by reference to the turnover of a business or the price received for mineral extracted from the land, in the case of any agreements entered into before the introduction of the levy, the aggregates levy charged may be ignored in the calculation of the turnover or price.