Schedule 1: Minor and consequential amendments FA 1999 Section 63 of FA 1999
3484.Section 63 of FA 1999 provides transitional relief to mitigate the effect on football and other sports clubs of new accounting standards for the treatment of intangible assets.
3485.Section 63 of FA 1999 applies only to contracts entered into before the beginning of the first accounting period in which a club adopts the new accounting standards. The new accounting rules are effective for accounting periods ending on or after 23 December 1998. So section 63 applies only to contracts entered into before 24 December 1999.
3486.It is unlikely that any contract entered into before 24 December 1999 is still in force when this Act comes into effect. So section 63 of FA 1999 is considered to be redundant. See Change 103 in Annex 1.