433(1)  This section applies if in the course of the merger a transferor transfers an asset or liability representing a loan relationship to the transferee.

433(2)  For the purpose of determining the credits and debits to be brought into account in respect of the loan relationship in accordance with this Part, the transferor and the transferee are treated as having entered into the transfer of that asset or liability for consideration of an amount equal to the notional carrying value of the asset or liability.

433(3)  For the purposes of this section–

(a)[omitted by F(No. 2)A 2015, s. 32 and Sch. 7, para. 43(a),]

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