SCHEDULES

SCHEDULE 1Minor and consequential amendments

Part 2Other enactments

Finance (No. 2) Act 2005 (c. 22)

668

The Finance (No. 2) Act 2005 is amended as follows.

669

In section 18 (section 17(3): specific powers) for subsection (2)(c) substitute—

c

modify the meaning of “relevant holding” for the purposes of—

i

sections 490 and 492 of the Corporation Tax Act 2009 (loan relationships), and

ii

section 587 of that Act (derivative contracts).

F1670

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F1671

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672

In section 71 (interpretation) after the definition of “CAA 2001” insert—

CTA 2009” means the Corporation Tax Act 2009;

673

In Schedule 6 (accounting practice and related matters)—

a

omit paragraph 7 (loan relationships with embedded derivatives), and

b

omit paragraph 9 (exchange gains and losses).

674

In Schedule 7 (avoidance involving financial arrangements) in paragraph 14—

a

in sub-paragraph (4)(b) after “1996” insert “ or Part 5 of CTA 2009 ”, and

b

in sub-paragraph (5) after “1996” insert “ and Part 5 of CTA 2009 ”.