Definition of permanent interest bearing share2

1

In the definition of “permanent interest-bearing share” in paragraph (b) of subsection (11) of section 117 of the Taxation of Chargeable Gains Act 1992 (meaning of “qualifying corporate bond”)2—

a

for “within the meaning of, and is eligible for inclusion in the calculation for capital adequacy in accordance with,” substitute “for the purposes of”; and

b

for “Prudential Sourcebook (Building Societies)” substitute—

  • General Prudential Sourcebook made by the Financial Services Authority under the Financial Services and Markets Act 2000

2

In consequence of the amendment made by paragraph (1) the words in subsection (11) following paragraph (b) are repealed.