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Article 15 Amendment of Part 9 of Schedule 26 to the Finance Act 2002

Original text. Later amendments are not shown.

(1)

Amend paragraph 45F as follows.

(2)

After sub-paragraph (2)(e) insert—

“(f)

the asset representing the creditor relationship is not an existing asset.”.

(3)

In sub-paragraph (7) after “this paragraph” insert—

“—

  • “existing asset” means an asset in relation to which paragraph 11(2) of Schedule 10 to the Finance Act 2004 has effect;”.

(4)

For sub-paragraph (8) substitute—

“(8)

The creditor relationship shall not be treated as a qualifying corporate bond by virtue of section 117(A1) of the Taxation of Chargeable Gains Act 1992.”.