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9. In paragraph 7—
(a)omit sub-paragraph (1);
(b)at the end of sub-paragraph (2)(a)(i) add “or”;
(c)at the end of sub-paragraph (2)(a)(ii) for “or” substitute “and”;
(d)omit sub-paragraph (2)(a)(iii);
(e)in sub-paragraph (3)(b)(i)—
(i)for “company,” substitute “company or”;
(ii)omit from “or assets” to “applies”; and
(f)in sub-paragraph (3)(b) for sub-paragraphs (ii) and (iii) substitute—
“(ii)one or more assets representing loan relationships to which section 94A of the Finance Act 1996 applies, but only to the extent that each of those assets represents the rights and liabilities of a host contract within the meaning of that section,”; and
(g)in the heading to the paragraph, for “Qualified exclusion:” substitute “Derivative contracts:”.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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