Article 6 Amendment of Part 2 of Schedule 26
(1)
Amend paragraph 12 (definition of terms relating to derivative contracts) as follows.
(2)
In sub-paragraph (1)f1—
(a)
after paragraph (b) insert—
“(bza)a contract of long-term insurance (see sub-paragraph (16));”
(b)
in paragraph (cc)—
(i)
before “hedging” insert “a”; and
(ii)
after “an asset” insert “or a liability”; and
(3)
In sub-paragraph (14)—
(a)
in the words before paragraph (a) after “an asset” insert “or a liability”;
(b)
in paragraph (b) after “asset”, in both places, insert “or liability”; and
(c)
after paragraph (b) add—
“For the purposes of this sub-paragraph the liabilities of a company include its own share capital.”.
(4)
In sub-paragraph (16), for “has” substitute “and “contract of long-term insurance” have”.