SCHEDULES

SCHEDULE 2Transitionals and savings

Part 8Loan relationships

Saving for old elections for treating loan relationships with embedded derivatives as two assets

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1

The repeal by this Act of paragraph 7 of Schedule 6 to F(No.2)A 2005 (loan relationships with embedded derivatives) does not affect—

a

any election made under that paragraph immediately before the repeal takes effect, or

b

any election which immediately before the repeal takes effect had effect as if so made as a result of sub-paragraph (8) of that paragraph (elections made under paragraph 28(3) of Schedule 4 to FA 2005).

2

This Act applies to those elections as if they had been made under section 416 (election for application of sections 415 and 585).