Amendment of paragraph 54 of Schedule 26
29.—(1) Amend paragraph 54(1)(1) (interpretation of expressions) as follows.
(2) Insert at the appropriate places the following definitions—
““carrying value”, in relation to a contract, shall be construed in accordance with sub-paragraphs (3A) and (3B) of paragraph 50A;”
““hybrid derivative” shall be construed in accordance with paragraph 2B;”
““nested derivative” shall be construed in accordance with paragraph 2B(1)(b)(i);”
““plain vanilla contract” shall be construed in accordance with paragraph 2(2B);”
““quasi-derivative host contract” shall be construed in accordance with paragraph 2B(1)(b)(ii);”
““TCGA 1992” means the Taxation of Chargeable Gains Act 1992.”.
(3) Omit the definition of “embedded derivative contract”(2).
Paragraph 54(1) was amended by article 15 of S.I. 2005/3440; there are other amendments but none is relevant.
The definition of “embedded derivative contract” was inserted by article 15 of S.I. 2005/3440.