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Finance Act 2002

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Changes over time for: Paragraph 5

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Version Superseded: 16/03/2005

Status:

Point in time view as at 02/12/2004. This version of this provision has been superseded. Help about Status

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 2002, Paragraph 5. Help about Changes to Legislation

Qualified exclusion: contract held by company for purposes of tradeU.K.

5(1)Paragraph 4 does not prevent a relevant contract to which this paragraph applies from being a derivative contract.

(2)This paragraph applies to a relevant contract of a company if—

(a)it is entered into or acquired by the company for the purposes of a trade carried on by it, and

(b)its underlying subject matter consists, or is treated as consisting, wholly of—

(i)shares in a company, [F1or]

(ii)rights of a unit holder under a unit trust schemeF2...

F3(iii). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)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 the property referred to in sub-paragraph (2)(b).

Textual Amendments

F1Word in Sch. 26 para. 5(2)(b)(i) added (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 2004 (S.I. 2004/2201), arts. 1(1), 6(a)

F2Word in Sch. 26 para. 5(2)(b)(ii) 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 2004 (S.I. 2004/2201), arts. 1(1), 6(b)

F3Sch. 26 para. 5(2)(b)(iii) 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 2004 (S.I. 2004/2201), arts. 1(1), 6(c)

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