Amendment of Part 9 of Schedule 26 to the Finance Act 200215

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.