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Regulation 3 Amendment of regulation 2

Original text. Later amendments are not shown.

In regulation 2 (interpretation) at the appropriate place insert—

  • ““exchange gains and losses”—

    1. (a)

      in relation to a loan relationship shall be construed in accordance with sections 103(1A) and 103(1B) of the Finance Act 1996f1; and

    2. (b)

      in relation to a derivative contract shall be construed in accordance with paragraphs 54(2) and (3) of Schedule 26 to the Finance Act 2002;”.

Annotations

Footnotes

f1

Section 103(1A) and (1B) were inserted by paragraph 7 of Schedule 23 to the Finance Act 2002.