19(1)Section 101 (financial instruments) is amended as follows.U.K.
(2)In subsection (1) (Chapter 2 of Part 4 of Finance Act 1994 not to apply to profit and loss on certain financial instruments brought into account under Chapter 2 of Part 4 of Finance Act 1996)—
(a)for “Chapter II of Part IV of the Finance Act 1994 (provisions relating to certain financial instruments)” substitute “ Schedule 26 to the Finance Act 2002 (provisions relating to derivative contracts) ”,
(b)for “in accordance with that Chapter” substitute “ in accordance with that Schedule ”, and
(c)for “a qualifying contract” substitute “ a derivative contract ”.
(3)Omit subsections (2) to (6).