SCHEDULES

SCHEDULE 7U.K.Loan relationships and derivative contracts

PART 1 U.K.Loan relationships: amendments of Parts 5 and 6 of CTA 2009

35(1)Section 361 (acquisition of creditor rights by connected company at undervalue) is amended as follows.U.K.

(2)In subsection (1), for paragraph (f) substitute—

(f)the equity-for-debt exception (see section 361C) does not apply.

(3)Omit subsection (2).

(4)After subsection (6) insert—

(7)Subsections (3) and (4) are subject to section 361D (corporate rescue: debt released shortly after acquisition).