Part 8U.K.Insurance and mutual trading companies
Application of Schedule to insurance and mutual trading companiesU.K.
41(1)This Schedule shall apply in relation to insurance and mutual trading companies as it applies in relation to other companies.
(2)Sub-paragraph (1) is subject to paragraphs 42 and 43.
Application of Part 1 of Schedule 11 to the Finance Act 1996U.K.
42(1)Part 1 of Schedule 11 to the Finance Act 1996 (c. 8) (special provision with respect to loan relationships for insurance companies) shall have effect (subject to sub-paragraphs (2) to (4)) in relation to derivative contracts as it has effect in relation to loan relationships.
(2)Any provision of that Part of that Schedule which applies only to debtor relationships F1... shall not have effect in relation to derivative contracts for the purposes of sub-paragraph (1).
(3)That Part of that Schedule shall have effect in its application in relation to derivative contracts as if—
(a)references to Chapter 2 of Part 4 of the Finance Act 1996 were references to this Schedule,
(b)references to section 80(5) of that Act were references to paragraph 1(2) of this Schedule,
(c)references to section 82(2) of that Act were references to paragraph 14(2) of this Schedule, and
(d)references to credits and debits given in respect of a loan relationship by Chapter 2 of Part 4 of that Act were references, respectively, to the credits and debits given in respect of a derivative contract by this Schedule.
F2(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in Sch. 26 para. 42(2) 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), 18
F2Sch. 26 para. 42(4) 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), 11
F343. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F3Sch. 26 para. 43 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), 12