The Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) (Amendment) Regulations 2005

Amendment to the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004

3.  In regulation 2(1) (interpretation)—

(a) for the definition of “exchange gain or loss” substitute—

““exchange gain or loss” has the same meaning as in paragraph 54 of Schedule 26 to the Finance Act 2002;”;

(b) insert the following definitions in the appropriate places—

““loan relationship” has the same meaning as in section 81 of the Finance Act 1996(1);”,

““a paragraph 50A credit or debit” means the credit or debit to be brought into account in accordance with paragraph 50A of Schedule 26 to the Finance Act 2002(2);”, and

““a prior period adjustment credit or debit” means so much of any credit or debit as represents a prior period adjustment taken into account by virtue of paragraph 17B(1)(b) of Schedule 26 to the Finance Act 2002(3) as a result of a change of accounting basis;”.

(1)

Section 81 was amended by section 82 of, and paragraphs 1 and 2 of Schedule 25 to, the Finance Act 2002.

(2)

2002 c. 23. Paragraph 50A was inserted by paragraph 67 of Part 2 of Schedule 10 to the Finance Act 2004.

(3)

Paragraph 17B was substituted by paragraph 50 of Part 2 of Schedule 10 to the Finance Act 2004.