- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (22/03/2001)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 24/07/2002
Point in time view as at 22/03/2001. This version of this provision has been superseded.
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(1)Where there is any inconsistency or other material difference between the way in which any authorised accounting method is applied as respects the same loan relationship in successive accounting periods, a balancing credit or balancing debit shall be brought into account in the second of those periods (“the second period”).
(2)The amount of the balancing credit or debit shall be computed as respects the relationship in question by—
(a)taking the amount given by subsection (3) below and the amount given by subsection (4) below; and
(b)then aggregating those amounts (treating any debit as a negative amount) to produce a net credit or net debit.
(3)The amount given by this subsection is whichever of the following is applicable—
(a)a debit equal to the amount (if any) by which the first of the following amounts exceeds the second, that is to say—
(i)the aggregate of the credits actually brought into account for all previous periods in which the accounting method was used; and
(ii)the aggregate of the credits that would have been brought into account if that method had been applied in those periods in the same way as it was applied in the second period;
(b)a credit equal to the amount (if any) by which the second aggregate mentioned in paragraph (a) above exceeds the first; or
(c)if both those aggregates are the same, nil.
(4)The amount given by this subsection is whichever of the following is applicable—
(a)a credit equal to the amount (if any) by which the first of the following amounts exceeds the second, that is to say—
(i)the aggregate of the debits actually brought into account for all previous periods in which the accounting method was used; and
(ii)the aggregate of the debits that would have been brought into account if that method had been applied in those periods in the same way as it was applied in the second period;
(b)a debit equal to the amount (if any) by which the second aggregate mentioned in paragraph (a) above exceeds the first; or
(c)if both those aggregates are the same, nil.
(5)In this section “previous period” means any accounting period before the second period.
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