32(1)Paragraph 15 is amended as follows.
(2)After sub-paragraph (4) (equivalent rights) insert—
“(4A)In consequence of sub-paragraph (1) above—
(a)the person transferring the rights mentioned in sub-paragraph (3)(a) above does not, as a result of the transfer, fall to be regarded for the purposes of this Chapter as ceasing to be party to the loan relationship; and
(b)the person to whom those rights are transferred does not, as a result of the transfer, fall to be regarded for the purposes of this Chapter as being party to the loan relationship;
but nothing in sub-paragraph (1) or paragraph (b) above shall prevent any credit in respect of interest from being brought into account for the purposes of this Chapter by the person described in that paragraph.”.
(3)After sub-paragraph (6) (which provides that the paragraph is without prejudice to section 730A(2) and (6)) insert—
“(6A)Nothing in this paragraph affects section 807A(2A) of the Taxes Act 1988 (double taxation relief in the case of repo or stock lending agreement).”.