Amendments made: 23, page 246, line 41, at end insert—

‘If the amount remaining after step 1 is greater than the net value of the set-off amount (see subsection (2A)), that amount is to be reduced to the net value of the set-off amount.

For provision about the treatment of the amount deducted under this step from the amount remaining after step 1, see section 104NA.

Step 3’.

Amendment 24, page 247, line 1, leave out ‘step 1’ and insert ‘step 2’.

Amendment 25, page 247, line 6, leave out from ‘(b)’ to ‘is’ in line 7 and insert

‘the amount deducted under paragraph (a) from the amount remaining after step 2’.

Amendment 26, page 247, line 11, leave out ‘step 3’ and insert ‘step 4’.

Amendment 27, page 247, line 12, leave out ‘Step 3’ and insert ‘Step 4’.

Amendment 28, page 247, line 13, leave out ‘step 2’ and insert ‘step 3’.

Amendment 29, page 247, line 16, leave out ‘step 4’ and insert ‘step 5’.

Amendment 30, page 247, line 17, leave out ‘Step 4’ and insert ‘Step 5’.

Amendment 31, page 247, line 19, leave out ‘step 3’ and insert ‘step 4’.

Amendment 32, page 247, line 22, leave out ‘step 5’ and insert ‘step 6’.

Amendment 33, page 247, leave out lines 23 to 36.

Amendment 34, page 247, line 46, at end insert—

‘(2A) To determine the net value of the set-off amount for the purposes of step 2 in subsection (2), deduct from the set-off amount amount A and, in the case of a ring fence trade, amount B.