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.U.K.
(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.”