Article 3 Amendment of paragraph 2 of Schedule 26

In paragraph 2 (derivative contracts and relevant contracts) for sub-paragraphs (3) to (5) substitute—

“(2A)

For provisions which treat a company as being party to a relevant contract see—

(a)

section 94A of the Finance Act 1996 (loan contracts with embedded derivatives);

(b)

paragraph 2A below (non-financial contracts with embedded derivatives);

(c)

paragraph 2B below (hybrid derivatives).

(2B)

In this Schedule “plain vanilla contract” means a relevant contract other than one to which a company is treated as being party by virtue of a provision mentioned in sub-paragraph (2A).”.