Paragraph 1 F1C1
United Kingdom
Part I of Schedule 11 to the Finance Act 1996 (special provision with respect to loan relationships for insurance companies) shall have effect (subject to sub-paragraph (2) below) in relation to qualifying contracts as it has effect in relation to loan relationships which are creditor relationships within the meaning of Chapter II of Part IV of that Act.
That Part of that Schedule shall have effect in its application in relation to qualifying contracts, as if—
references to section 82(2) of the Finance Act 1996 were references to section 159 of this Act, and
references to credits and debits given by Chapter II of Part IV of that Act in respect of a loan relationship were references, respectively, to the profits and losses deriving from the contract.
Annotations
Textual amendments
- F1
Sch. 18 paras. 1, 1A and cross-heading substituted for Sch. 18 paras. 1 and 2 (29.4.1996 with effect as mentioned in s. 105(1) of the amending Act) by 1996 c. 8, s. 104, Sch. 14 para. 79 (with savings etc. in Pt. IV Ch. II (ss. 80-105))
Modifications
- C1
Sch. 18 para. 1 modified (20.2.1997) by S.I. 1997/473, reg. 51
Notes on Schedule 18
Textual amendments
- F1
Sch. 18 repealed (with effect as mentioned in s. 83(3) of the amending Act) by Finance Act 2002 (c. 23), s. 141, Sch. 40 Pt. 3(13)
Notes on Application of insurance companies provisions relating to loan relationships
Textual amendments
- F1
Sch. 18 paras. 1, 1A and cross-heading substituted for Sch. 18 paras. 1 and 2 (29.4.1996 with effect as mentioned in s. 105(1) of the amending Act) by 1996 c. 8, s. 104, Sch. 14 para. 79 (with savings etc. in Pt. IV Ch. II (ss. 80-105))