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- Original (As made)
6.—(1) Paragraph 22 (chargeable equity and liabilities of UK resident banks and building societies which are not members of groups) is amended as follows.
(2) In sub-paragraph (1)—
(a)paragraph (a) omit “(“N”) and N has assets which correspond to those liabilities”; and
(b)for paragraph (b) substitute—
“(b)the relevant entity recognises, as assets, amounts due from that other entity (“N”) to the relevant entity (“N’s liabilities”),”.
(3) In paragraph 22(2)—
(a)for paragraph (b) substitute—
“(b)references to amounts due from N include securities provided by the relevant entity to N as collateral, but only where the relevant entity recognises those securities in its balance sheet or statement of financial position, and”;
(b)omit paragraph (c) (and the “and” after it); and
(c)after paragraph (d) insert—
“Section 556 of CTA 2009 (meaning of securities and similar securities) applies for the purposes of this sub-paragraph as it applies for the purposes of Chapter 10 of Part 6 of that Act.”
(4) Omit sub-paragraph (3).
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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