SCHEDULES

SCHEDULE 15 Loan relationships: savings and transitional provisions

Part I Corporation tax

Application and interpretation of Part I

1

1

This Part of this Schedule has effect for the purposes of corporation tax.

2

In this Part of this Schedule—

  • “the 1992 Act” means the M1Taxation of Chargeable Gains Act 1992;

  • “continuing loan relationship”, in relation to any company, means any loan relationship to which the company was a party both immediately before and on 1st April 1996;

  • “first relevant accounting period”, in relation to a company, means the first accounting period of the company to end after 31st March 1996; and

  • “transitional accounting period”, in relation to a company, means any accounting period of the company beginning before and ending on or after 1st April 1996.

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4

In this Part of this Schedule references to this Chapter include references to any repeals having effect for the purposes of this Chapter.