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Finance Act 2004

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Changes over time for: Paragraph 17

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Version Superseded: 01/04/2009

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Point in time view as at 31/10/2006.

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 2004, Paragraph 17. Help about Changes to Legislation

17(1)Section 103 of that Act (interpretation) is amended as follows.U.K.

(2)In subsection (1)—

(a)omit the definition of “authorised accounting method”, “authorised accruals basis of accounting” and “authorised mark to market basis of accounting”;

(b)at the appropriate places insert—

amortised cost basis of accounting”, in relation to a loan relationship of a company, means a basis of accounting under which an asset or liability representing the loan relationship is shown in the company’s accounts at cost adjusted for cumulative amortisation and any impairment, repayment or release;;

fair value”, in relation to a loan relationship of a company, means the amount which, at the time as at which the value falls to be determined, is the amount that the company would obtain from or, as the case may be, would have to pay to an independent person for—

(a)the transfer of all the company’s rights under the relationship in respect of amounts which at that time are not yet due and payable, and

(b)the release of all the company’s liabilities under the relationship in respect of amounts which at that time are not yet due and payable;;

fair value accounting” means a basis of accounting under which assets or liabilities are shown in the company’s balance sheet at their fair value;;

impairment” includes uncollectability;; and

impairment loss” means a debit in respect of the impairment of a financial asset;;

(c)omit the definition of “statutory accounts”.

(3)Omit subsection (5).

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