8(1)Section 786 of ICTA (transactions associated with loans or credit) is amended as follows.U.K.
(2)After subsection (5) (transaction under which a person assigns, surrenders etc income arising from property) insert—
“(5ZA)But subsection (5) above does not apply if the person mentioned in that subsection is, as a result of section 774B or 774D (structured finance arrangements), chargeable to tax on the amount of income assigned, surrendered, waived or forgone.”.