# Finance (No. 2) Act 2015, Paragraph 33


(1) Section 358 (exclusion of credits on release of connected companies debts: general) is amended as follows.
(2) For subsection (4) substitute—
“(4) For the purposes of this section “relevant rights” means rights of a company (“C”) that—
(a) were acquired by C, before the day on which F(No2)A 2015 was passed, in circumstances that, but for the application of the old corporate rescue exception or the old debt-for-debt exception, would have resulted in a deemed release under section 361(3), or
(b) were acquired by another company before that day in such circumstances and transferred to C by way of an assignment or assignments.
(4A) In subsection (4)(a)—
(a) “the old corporate rescue exception” means the exception in section 361A (as it had effect before F(No2)A 2015);
(b) “the old debt-for-debt exception” means the exception in section 361B (as it had effect before that Act).”
(3) After subsection (6) insert—
“(7) Where the carrying value of a liability representing the debtor relationship has at any time been adjusted as a result of the liability being the hedged item under a designated fair value hedge, this section does not prevent a credit or debit being brought into account for the purposes of this Part in respect of any reversal of that adjustment.
(8) Nothing in this section affects the credits or debits to be brought into account for the purposes of this Part in respect of exchange gains or losses arising from a debt.”

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Source: https://www.legislation.gov.uk/ukpga/2015/33/schedule/7/paragraph/33 (the official version)
Page: https://openlegislation.uk/finance-no-2-act-2015/schedule-7/paragraph-33
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.