SCHEDULES

SCHEDULE 10Amendment of enactments that operate by reference to accounting practice

Part 1Loan relationships

Special computational provisions

20

(1)

Paragraph 5 (bad debts etc.) is amended as follows.

(2)

For the heading substitute “ Release of liability under debtor relationship ”.

(3)

Omit sub-paragraphs (1) to (2A).

(4)

In sub-paragraph (3)(b) for “an authorised accruals basis of accounting” substitute “ an amortised cost basis of accounting ”.

(5)

In sub-paragraphs (5), (6)(b) and (c) and (7)(a) for “requires the use of an authorised accruals basis of accounting” substitute “ applies ”.