Section 179

Notes

Sch. 30 came into force on 6 April 2006 by virtue of FA 2004, s. 284(1); however, any powers to make Orders or Regulations are exercisable at any time after 22 July 2004 (date of Royal Assent) (FA 2004, s. 284(2)).


DEFINITIONS

Charge of adequate value

Related Commentary  

1(1)  A charge is of adequate value if it meets conditions A, B and C.

1(2)  Condition A is that, at the time the charge is given, the market value of the assets subject to the charge–

(a)in the case of the first charge to secure the loan, is at least equal to the amount owing (including interest), and

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