SCHEDULES

SCHEDULE 7Loan relationships and derivative contracts

PART 1Loan relationships: amendments of Parts 5 and 6 of CTA 2009

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1

Section 424 (reorganisations involving loan relationships) is amended as follows.

2

In subsection (3), for “its carrying value in” substitute “ its tax-adjusted carrying value based on ”.

3

In subsection (4), omit the definition of “carrying value”.