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Amendment of paragraph 45JA of Schedule 26
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22.—(1) Amend paragraph 45JA() (issuers of securities with embedded derivatives: equity instruments) as follows.
(2) In sub-paragraph (1)—
(a)for paragraph (a) substitute—
“(a)the company is party to a loan-contract embedded derivative by virtue of a debtor relationship of the company (“the original relationship”)”,
(b)in paragraph (b) for “subsection (1) of that section in the case of that debtor relationship” substitute “section 94A(1) of the Finance Act 1996 in the case of the original relationship”, and
(c)in paragraph (b)(ii), at the end, insert “of the company”.
(3) Omit sub-paragraph (1)(e).
(4) In sub-paragraph (1)(f) for “loan” substitute “original”.
(5) In sub-paragraphs (2)(a), in both places, and (2)(b) for “debtor” substitute “original”.
(6) In sub-paragraph (4) for the definition of “RA” substitute—
“RA is the amount paid as mentioned in sub-paragraph (1)(f) reduced (but not below nil) by an amount equal to the fair value of the loan-contract host contract at the time that amount is paid;”.
(7) In sub-paragraph (4), in the definition of “E”, for “debtor” substitute “original”.
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