SCHEDULES

SCHEDULE 1Consequential amendments

Part 2Other enactments

Finance Act 1996 (c. 8)

491

1

Amend Schedule 15 (loan relationships: savings and transitional provisions) as follows.

2

In paragraph 26(2) for the definition of “relevant discounted security” substitute—

“deeply discounted security” has the same meaning as in Chapter 8 of Part 4 of the Income Tax (Trading and Other Income) Act 2005 (see section 430)

3

In paragraph 28(b) for “Schedule 13 to this Act” and “relevant” substitute respectively “ Chapter 8 of Part 4 of the Income Tax (Trading and Other Income) Act 2005 (profits from deeply discounted securities) ” and “ deeply ”.

4

In paragraph 30(1)(c) for “relevant” substitute “ deeply ”.