Disapplication of variable interest rate provision in certain circumstances
33.—(1) This regulation applies in a case where, solely to provide for actions reasonably required to effect a euroconversion of a security—
(a)there may be a change in the rate of interest carried by the security in relation to the interest period in which the euroconversion occurs, or
(b)there may be a change in the rate of interest carried by the security in relation to subsequent periods but, throughout the subsequent periods, the new rate of interest falls within one, and one only, of the categories specified in paragraphs (a) to (c) of section 717(2) of the Taxes Act, or
(c)there may be a change in the rate of interest as mentioned in sub-paragraph (a) and a change in the rate of interest as mentioned in sub-paragraph (b).
(2) The provision for change in the rate of interest referred to in paragraph (1)(a) or (b) shall not cause the security concerned to be one to which section 717 of the Taxes Act applies.