Paragraph 4

(1)

Section 411 (“relevant expense amount” and “relevant income amount”) is amended as follows.

(2)

In subsection (1)(e), for sub-paragraph (iii) substitute—

“(iii)
losses in respect of risks arising in the ordinary course of a trade (other than risks arising in the ordinary course of a financial trade) where the derivative contract was entered into wholly for reasons unrelated to the capital structure of the worldwide group (or any member of the worldwide group);”.

(3)

In subsection (2)(d), for sub-paragraph (iii) substitute—

“(iii)
gains in respect of risks arising in the ordinary course of a trade (other than risks arising in the ordinary course of a financial trade) where the derivative contract was entered into wholly for reasons unrelated to the capital structure of the worldwide group (or any member of the worldwide group);”.