Part 5U.K.Special provision for [F1release of liability]
Textual Amendments
F1Words in Sch. 26 Pt. 5 heading substituted (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 10 para. 52
[F2Release of liability under derivative contract ]U.K.
22F3(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F3(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F3(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F3(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)Where—
(a)in the case of a derivative contract of a company, a liability owed by the company to pay an amount under the contract is released, and
F4(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
no credit in respect of the release shall be required to be brought into account in the case of the company if the release is part of a [F5statutory insolvency arrangement].
Textual Amendments
F2Sch. 26 para. 22 heading substituted (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 10 para. 53(2)
F3Sch. 26 para. 22(1)-(4) repealed (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 10 para. 53(3), Sch. 42 Pt. 2(6)
F4Sch. 26 para. 22(5)(b) and preceding word repealed (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 10 para. 53(4), Sch. 42 Pt. 2(6)
F5Words in Sch. 26 para. 22(5) substituted (7.4.2005) by Finance Act 2005 (c. 7), Sch. 4 para. 19