Income Tax Act 2007

This section has no associated Explanatory Notes

422(1)Amend Schedule 26 (derivative contracts) as follows.E+W+S+N.I.

(2)In paragraph 24 (derivative contracts for unallowable purposes: supplementary) for sub-paragraph (5) substitute—

(5)In this paragraph “tax advantage” has the meaning given by section 840ZA of the Taxes Act 1988.

(3)Omit paragraph 40.

(4)In paragraph 45I(3) in the definition of “the retail prices index” for “section 833(2) of the Taxes Act 1988” substitute “ section 989 of ITA 2007 ”.

(5)In paragraph 45J(10), in paragraph (b) of the definition of “securities house”, for “section 349(5) and (6) of the Taxes Act 1988” substitute “ section 984 of ITA 2007 ”.

(6)For paragraph 51 substitute—

51See section 980 of ITA 2007 (derivative contracts: exception from duties to deduct).