The amendments made by paragraph 1 have effect in relation to a release of rights that takes place on or after 9 November 2009.

The amendments made by paragraph 2(2) and (4) to (6) have effect in relation to a relevant acquisition that is made on or after 14 October 2009.

The amendments made by paragraph 2(3) have effect in relation to a release of rights that takes place on or after 14 October 2009.

Sub-paragraphs (1) to (3) are subject to paragraph 4.

In this paragraph and paragraph 4 “relevant acquisition” means an acquisition of rights within subsection (1)(a) to (e) of section 361 of CTA 2009 (acquisition of creditor rights by connected company at an undervalue).