# The Finance Act 2002, Schedule 26 (Parts 2 and 9) (Amendment No. 3) Order 2005, 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)—
(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”.

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Source: https://www.legislation.gov.uk/uksi/2005/3440/article/6 (the official version)
Page: https://openlegislation.uk/finance-act-2002-schedule-26-parts-2-and-9-amendment-no-3-order-2005/article-6
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.