SCHEDULES

SCHEDULE 1Consequential amendments

Part 2Other enactments

Finance Act 2002 (c. 23)

579

1

Amend paragraph 64 of Schedule 25 (transitional provisions concerning loan relationships in the case of authorised unit trusts and open-ended investment companies) as follows.

2

At the beginning of sub-paragraph (7) insert “ Subject to sub-paragraph (9), ”.

3

After sub-paragraph (8) insert—

9

So far as sub-paragraphs (3) to (6) are capable of applying at any time after 5th April 2005—

a

they have effect as if any reference in them to a relevant discounted security were a reference to a security that is a deeply discounted security for the purposes of Chapter 8 of Part 4 of the Income Tax (Trading and Other Income) Act 2005 (profits from deeply discounted securities) (see 430 of that Act), and

b

in those sub-paragraphs—

  • “redeem” means make a disposal, within the meaning of that Chapter (except by a transfer within the meaning of that Chapter), or convert as mentioned in section 437(1)(c) of that Act, and

  • “transfer” has the same meaning as in that Chapter.