Finance Act 2008

Amendment of section 85 (certain loan capital and securities) of Principal Act.

118.— (1) Section 85 of the Principal Act is amended in subsection (2)—

(a) by deleting paragraph (b)(iii), and

(b) by substituting the following for subparagraph (v) of paragraph (b):

“(v) does not carry a right to a sum in respect of repayment or interest which is related to certain movements in an index or indices (based wholly or partly and directly or indirectly on stocks or marketable securities) specified in any instrument or other document relating to the loan capital,”.

(2) This section applies to transfers of loan capital made on or after the date of the passing of this Act.