{
  "url": "https://openlegislation.uk/finance-act-2002-schedule-26-parts-2-and-9-amendment-order-2005/article-4",
  "json_url": "https://openlegislation.uk/finance-act-2002-schedule-26-parts-2-and-9-amendment-order-2005/article-4.json",
  "legislation": "uksi/2005/646",
  "legislation_title": "The Finance Act 2002, Schedule 26, Parts 2 and 9 (Amendment) Order 2005",
  "legislation_url": "https://openlegislation.uk/finance-act-2002-schedule-26-parts-2-and-9-amendment-order-2005",
  "path": "article/4",
  "kind": "article",
  "number": "4",
  "heading": "Amendment of Part 2 of Schedule 26 to the Finance Act 2002",
  "text": "(1) Amend paragraph 4 as follows.\n(2) Omit sub-paragraph (1A).\n(3) For sub-paragraph (2) substitute—\n“(2) For the purposes of this paragraph the excluded types of property are—\n(a) in relation to an option or future, intangible fixed assets; and\n(b) in relation to relevant contracts which satisfy the conditions specified in sub-paragraph (2A) or (2B)—\n(i) shares in a company, or\n(ii) rights of a unit holder under a unit trust scheme.\n(2A) The conditions specified in this sub-paragraph are—\n(a) the relevant contract is entered into by a company carrying on life assurance business;\n(b) the relevant contract is an approved derivative for the purposes of Rule 4.3.5 of the Integrated Prudential Sourcebook; and\n(c) there is a hedging relationship between the relevant contract and shares or rights of a unit holder under a unit trust scheme held by the company as assets of its long-term insurance fund.\n(2B) The conditions specified in this sub-paragraph are—\n(a) the relevant contract is entered into or acquired by a company otherwise than for the purposes of a trade carried on by it or the company is a mutual trading company, and\n(b) there is a hedging relationship between the contract and an asset of the company which consists of shares or rights of a unit holder under a unit trust scheme.”.\n(4) Omit sub-paragraphs (3) and (5).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2005/646/article/4",
    "retrieved_at": "2026-10-29T05:04:32.252720+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}