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Part 6A of TIOPA is amended as follows.

In section 259CB (hybrid or otherwise impermissible deduction/non-inclusion mismatches and their extent), for subsection (3) substitute—

“(3)     So far as the excess arises—

it is to be taken not to arise by reason of the terms, or any other feature, of the financial instrument (whether or not it would have arisen by reason of the terms, or any other feature, of the financial instrument regardless).”

In section 259CC (interpretation of section 259CB), after subsection (3) insert—

“(3A)     To determine whether excess arises in “relevant debt relief circumstances” see sections 259NEB to 259NEF.”

After section 259NEA insert—

“Relevant debt relief circumstances

259NEB Relevant debt relief circumstances: introductory

(1)     This section applies for the purposes of section 259CB(3).

(2)     Excess arises in “relevant debt relief circumstances” if (and only if)—