Telecommunications Act 1984
c. 12
208
Scx.
(8) Nothing in section 72(1) of this Act shall be taken(a) as requiring any payments made or expenses incurred by
British Telecommunications under this paragraph to be
regarded for corporation tax purposes as made or incurred
by the successor company ; or
(b) as requiring any payments made by the successor company
to British Telecommunications in pursuance of the transferred debentures to be disregarded for those purposes.
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(9) Section 82(4) of the 1981 Act (tax provisions) shall have effect
during the transitional period as if any reference to persons who are
employees of the Post Office included a reference to persons who are
employees of the successor company.
(10) In this paragraph" debenture " includes debenture stock ;
" financial year " means the period beginning on the transfer
date and ending with the next following 31st March or each
subsequent period of twelve months ending with 31st
March.
40.-(l)
Notwithstanding the repeal of subsection (12) of section
Act, it shall be the duty of British Telecommunications
to make a report to the Secretary of State in accordance with that
subsection in respect of the last accounting year of British Telecommunications ending before the transfer date.
6
of the
1981
(2) Notwithstanding the repeal of section 31 of the 1981 Act,
the duty of British Telecommunications to prepare statements of accounts in accordance with subsections (1)(b) and (c) of
that section in respect of the last accounting year of British Telecommunications ending before the transfer date, and that section
it shall be
shall continue to apply during the transitional period in relation to
those statements and in relation also to the auditing of accounts
kept in accordance with subsection (1)(a) of that section in respect
of that accounting year.
(3) Any expenses incurred by British Telecommunications under
this paragraph shall be met by the successor company.
41. For the purpose of enabling anything which, on the transfer
date, remains to be done under the provisions of sections 10 and
81(1) of and Schedule 2 to the 1981 Act to be done after that date,
those provisions shall have effect as if the successor company were
the same person, in law, as British Telecommunications.
42.-(1) Subject to sub-paragraph (2) below, nothing in this Act
shall affect the operation of subsections (2) to (4) of section 28 of the
1981 Act in relation to any loan made to British Telecommunications
under that section in respect of which any outstanding liability of
British Telecommunications becomes a liability of the successor company on the transfer date.
(2) No further directions may be given by the Secretary of State
under subsection (2) of that section on or after the transfer date,