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(i) as respects sections 374, 375 and 377, expenditure incurred under a contract entered into before that day where either—

(i) as respects sections 374, 375 and 377, expenditure incurred within 12 months after that day under a contract entered into before that day, and

(i) as respects sections 374, 375 and 377, expenditure incurred within 12 months after that day under a contract entered into before that day, and

(i) as respects sections 374, 375 and 377, expenditure incurred within 12 months after that day under a contract entered into before that day, and

(i) as respects sections 374, 375 and 377, expenditure incurred within 12 months after that day under a contract entered into before that day, and

(i) as respects sections 374, 375 and 377, expenditure incurred within 12 months after that day under a contract entered into before that day, and

(i) as respects sections 374, 375 and 377, expenditure incurred within 12 months after that day under a contract entered into before that day, and

(i) as respects sections 374, 375 and 377, expenditure incurred within 12 months after that day under a contract entered into before that day, and

(3) Where subsection (2) applies, all payments made under the contract shall be treated for tax purposes (including in particular for the purposes of section 377) as expenditure incurred on the hiring of the vehicle otherwise than by means of hire-purchase.

Where, having hired (otherwise than by means of hire-purchase) a vehicle to which this Part applies, a person subsequently becomes the owner of the vehicle and the retail price of the vehicle at the time it was made exceeded the specified amount, then, for the purposes of the Tax Acts (and in particular sections 374 and 377)—

(1) Sections 374, 375 and 377, subsections (2) and (3) of section 378 and section 379 shall not apply where a vehicle is provided or hired, wholly or mainly, for the purpose of hire to or the carriage of members of the public in the ordinary course of trade.