SCHEDULES

SCHEDULE 15 Loan relationships: savings and transitional provisions

Part I Corporation tax

Loan relationships terminated before 1st April 1996

2

Subject to paragraph 13(6) below, the amounts which are to be brought into account for the purposes of corporation tax in any transitional accounting period of a company by reference to any loan relationship to which it was a party only at a time before 1st April 1996—

a

shall not be computed in accordance with this Chapter; but

b

shall, instead, be computed as they would be for an accounting period ending on 31st March 1996.