SCHEDULES

SCHEDULE 25Loan relationships

Part 1Amendments of the Finance Act 1996

31Debits and credits treated as relating to capital expenditure

1

Paragraph 14 of Schedule 9 is amended as follows.

2

In sub-paragraphs (1) and (2), for “normal accountancy practice”, in each place where occurring, substitute “ generally accepted accounting practice ”.

3

After sub-paragraph (2) add—

3

No debit may be brought into account by virtue of this paragraph if it is taken into account in arriving at the amount of expenditure in relation to which a debit may be given by Schedule 29 to the Finance Act 2002 (gains and losses of a company from intangible fixed assets).