SCHEDULES

SCHEDULE 15 Loan relationships: savings and transitional provisions

Part II Income tax and capital gains tax

Application and interpretation of Part II

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(1)

This Part of this Schedule (except paragraph 29) has effect for the purposes of income tax and capital gains tax but not for the purposes of corporation tax.

(2)

In this Part of this Schedule—

“the 1992 Act” means the M1Taxation of Chargeable Gains Act 1992;

“market value” has the same meaning as in the 1992 Act;

“qualifying indexed security” has the meaning given by paragraph 2 of Schedule 11 to the M2Finance Act 1989; and

F1“deeply discounted security” has the same meaning as in Chapter 8 of Part 4 of the Income Tax (Trading and Other Income) Act 2005 (see section 430).

(3)

References in this Part of this Schedule to a disposal within marriage F2or civil partnership are references to any disposal to which section 58 of the 1992 Act applies.