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Amendment made: No. 121, in page 54, line 14 at end insert—
'(3A) The vesting in the successor company by virtue of section 54 above of liability for any loan made to British Telecommunications shall not affect any direction in respect of the loan which has been given by the Treasury under section 416 of the Income and Corporation Taxes Act 1970 (income tax exemption for interest on foreign currency securities).'.—[Mr. David Hunt.]