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Article 29 Amendment of paragraph 54 of Schedule 26

Original text. Later amendments are not shown.

(1)

Amend paragraph 54(1)f1 (interpretation of expressions) as follows.

(2)

Insert at the appropriate places the following definitions—

  • ““carrying value”, in relation to a contract, shall be construed in accordance with sub-paragraphs (3A) and (3B) of paragraph 50A;”

  • ““hybrid derivative” shall be construed in accordance with paragraph 2B;”

  • ““nested derivative” shall be construed in accordance with paragraph 2B(1)(b)(i);”

  • ““plain vanilla contract” shall be construed in accordance with paragraph 2(2B);”

  • ““quasi-derivative host contract” shall be construed in accordance with paragraph 2B(1)(b)(ii);”

  • ““TCGA 1992” means the Taxation of Chargeable Gains Act 1992.”.

(3)

Omit the definition of “embedded derivative contract”f2.

Annotations

Footnotes

f1

Paragraph 54(1) was amended by article 15 of S.I. 2005/3440; there are other amendments but none is relevant.

f2

The definition of “embedded derivative contract” was inserted by article 15 of S.I. 2005/3440.