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The Finance Act 2002, Schedule 26, Parts 2 and 9 (Amendment No. 2) Order 2005
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- 2005 No. 2082
- Article 16
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Amendment of Part 9 of Schedule 26 to the Finance Act 2002
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16. After paragraph 45F(1) insert—
“Creditor relationships: existing assets
45FA.—(1) Where paragraph 45D or 45F would apply to a derivative contract for an accounting period but for sub-paragraph (2)(f) of that paragraph—
(a)paragraph 14(3) (non-trading credits and debits) shall not apply to the relevant credits and debits, and
(b)the creditor relationship by virtue of which paragraph 45D or 45F would so apply to that derivative contract shall not be treated as a qualifying corporate bond by virtue of section 117(A1) of the Taxation of Chargeable Gains Act 1992.
(2) For the purposes of this paragraph the relevant credits and debits are the credits and debits given in relation to the contract for the accounting period by paragraph 15.”.
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