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Finance Act 2002

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Contracts excluded by virtue of their underlying subject matterU.K.

4(1)A relevant contract is not a derivative contract for the purposes of this Schedule if its underlying subject matter consists wholly of any one or more of the excluded types of property or is treated as consisting wholly of such property.

F1(1A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F2(2)For the purposes of this paragraph the excluded types of property are—

(a)in relation to an option or future, intangible fixed assets; and

(b)in relation to relevant contracts which satisfy the conditions specified in sub-paragraph (2A) or (2B)—

(i)shares in a company, or

(ii)rights of a unit holder under a unit trust scheme.

(2A)The conditions specified in this sub-paragraph are—

(a)the relevant contract is entered into by a company carrying on life assurance business;

(b)the relevant contract is an approved derivative for the purposes of Rule 4.3.5 of the Integrated Prudential Sourcebook; and

(c)there is a hedging relationship between the relevant contract and shares or rights of a unit holder under a unit trust scheme held by the company as assets of its long-term insurance fund.

(2B)The conditions specified in this sub-paragraph are—

(a)the relevant contract is entered into or acquired by a company otherwise than for the purposes of a trade carried on by it or the company is a mutual trading company, and

(b)there is a hedging relationship between the contract and an asset of the company which consists of shares or rights of a unit holder under a unit trust scheme.]

F3(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)Paragraph 9 applies for the purpose of determining whether the underlying subject matter of a relevant contract is to be treated as consisting wholly of any one or more of the excluded types of property.

F4(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1Sch. 26 para. 4(1A) omitted (with effect in accordance with art. 1(2) of the amending S.I.) by virtue of The Finance Act 2002, Schedule 26, Parts 2 and 9 (Amendment) Order 2005 (S.I. 2005/646), arts. 1(1), 4(2)

F2Sch. 26 para. 4(2)(2A)(2B) substituted for Sch. 26 para. 4(2) (with effect in accordance with art. 1(2) of the amending S.I.) by The Finance Act 2002, Schedule 26, Parts 2 and 9 (Amendment) Order 2005 (S.I. 2005/646), arts. 1(1), 4(3)

F3Sch. 26 para. 4(3) omitted (with effect in accordance with art. 1(2) of the amending S.I.) by virtue of The Finance Act 2002, Schedule 26, Parts 2 and 9 (Amendment) Order 2005 (S.I. 2005/646), arts. 1(1), 4(4)

F4Sch. 26 para. 4(5) omitted (with effect in accordance with art. 1(2) of the amending S.I.) by virtue of The Finance Act 2002, Schedule 26, Parts 2 and 9 (Amendment) Order 2005 (S.I. 2005/646), arts. 1(1), 4(4)

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