- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
22(1)In determining the credits and debits to be brought into account in accordance with an accruals basis of accounting, a departure from the assumption in the case of the derivative contracts of a company that every amount payable under those contracts to the company will be paid in full as it becomes due shall be allowed to the extent only that—
(a)a debt is a bad debt;
(b)a doubtful debt is estimated to be bad; or
(c)a liability to pay any amount is released.
(2)Such a departure shall be made only where the accounting arrangements of the company satisfy sub-paragraphs (3) and (4).
(3)This sub-paragraph is satisfied if the accounting arrangements allowing the departure also require appropriate adjustments, in the form of credits, to be made if the whole or any part of an amount taken or estimated to represent an amount of bad debt is paid or otherwise ceases to be an amount in respect of which such a departure is allowed.
(4)This sub-paragraph is satisfied if, in determining any credits and debits to be brought into account in respect of exchange gains and losses arising from the company’s derivative contracts, the accounting arrangements allowing the departure require an amount payable under a derivative contract—
(a)to be left out of account, to the extent that such a departure is allowed; and
(b)to be taken into account again, to the extent that it is represented by credits brought into account under sub-paragraph (3).
(5)Where—
(a)in the case of a derivative contract of a company, a liability owed by the company to pay an amount under the contract is released, and
(b)the release takes place in an accounting period for which an authorised accruals basis of accounting is used as respects the contract,
no credit in respect of the release shall be required to be brought into account in the case of the company if the release is part of a relevant arrangement or compromise (within the meaning given by section 74(2) of the Taxes Act 1988).
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