Amendment of Part 9 of Schedule 26 to the Finance Act 2002
This section has no associated Explanatory Memorandum
15.—(1) Amend paragraph 45F as follows.
(2) After sub-paragraph (2)(e) insert—
“(f)the asset representing the creditor relationship is not an existing asset.”.
(3) In sub-paragraph (7) after “this paragraph” insert—
“—
“existing asset” means an asset in relation to which paragraph 11(2) of Schedule 10 to the Finance Act 2004 has effect;”.
(4) For sub-paragraph (8) substitute—
“(8) The creditor relationship shall not be treated as a qualifying corporate bond by virtue of section 117(A1) of the Taxation of Chargeable Gains Act 1992.”.