The provisions in this article ceased to apply where the conditions for it to first apply were satisfied on or after 18 November 2015.
Background to reset bonds
A reset bond is a creditor relationship which is issued on commercial terms but contains a clause which varies those terms at a stated date (usually shortly after issue) depending on a pre-set trigger event (eg the value of a financial index). As a result, the bond is suddenly worth much more or much less than its value on issue. Such bonds have been used to obtain a tax advantage in two ways:
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•ÌýÌýÌýÌý two reset bonds are issued with interest at a commercial rate; at a given time,
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