19(1)Section 101 (financial instruments) is amended as follows.
(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).