# Finance Act 1994, Paragraph 1

Extent: E+W+S+N.I.

(1) 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.
(2) That Part of that Schedule shall have effect in its application in relation to qualifying contracts, as if—
(a) references to section 82(2) of the Finance Act 1996 were references to section 159 of this Act, and
(b) 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.

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Source: https://www.legislation.gov.uk/ukpga/1994/9/schedule/18/paragraph/1 (the official version)
Page: https://openlegislation.uk/finance-act-1994/schedule-18/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.