SCHEDULES
SCHEDULE 24Exchange gains and losses
Part IAmendments of Finance Act 1993
Assets and liabilities
4
1
Section 153 (qualifying assets and liabilities) shall be amended as follows.
2
In subsection (4) (certain convertible securities excluded from qualifying assets) for the words from “which” to “shares” there shall be substituted “and did not represent a normal commercial loan when it was created”.
3
In subsection (6) (certain convertible securities excluded from qualifying liabilities) for the words from “which” to “shares” there shall be substituted “and did not represent a normal commercial loan when it was created”.
4
The following subsection shall be inserted after subsection (11)—
11A
In subsections (4) and (6) above “normal commercial loan” has the meaning which would be given by sub-paragraph (5) of paragraph 1 of Schedule 18 to the Taxes Act 1988 if—
a
for paragraph (a)(i) to (iii) of that sub-paragraph there were substituted the words “corporate bonds (within the meaning of section 117 of the Taxation of Chargeable Gains Act 1992)”, and
b
paragraphs (b) and (c) of that sub-paragraph were omitted.