Article 60O Exempt agreements: exemptions relating to nature of agreement

(1) An agreement is an exempt agreement for the purposes of this Chapter if -

(a) the hirer is required by the agreement to make payments exceeding £25,000, and

(b) the agreement is entered into by the hirer wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the hirer.

(2) For the purposes of paragraph (1), if an agreement includes a declaration which -

(a) is made by the hirer,

(b) provides that the agreement is entered into by the hirer wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the hirer, and

(c) complies with rules made by the FCA for the purposes of this article,

the agreement is to be presumed to have been entered into by the hirer wholly or predominantly for the purpose in sub-paragraph (b) unless paragraph (3) applies.

(3) This paragraph applies if, when the agreement is entered into -

(a) the owner (or, if there is more than one owner, any of the owners), or

(b) any perso

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