21(1)Paragraph 5A (bad debts and consortium relief) is amended as follows.U.K.
(2)In the heading for “Bad debts” substitute “ Impairment losses ”.
(3)In sub-paragraph (2) for “by virtue of paragraph 5 above a debit” substitute “ an impairment loss ”.
(4)In sub-paragraphs (5)(a) and (8)(b) for “debits brought into account for that period by virtue of paragraph 5 above” substitute “ impairment losses brought into account for that period ”.
(5)In sub-paragraph (9) omit “by virtue of paragraph 5(2) above”.
(6)In sub-paragraph (14), in the closing words, for “sub-paragraph (12)” substitute “ sub-paragraph (6) ”.
(7)For sub-paragraph (15)(a) substitute—
“(a)the debtor consortium company has, in accordance with an amortised cost basis of accounting, brought into account for an accounting period an amount in respect of a release of any liability under a debtor relationship, and”.
(8)In the closing words of sub-paragraph (15) omit “under paragraph 5(1)”.
(9)In sub-paragraph (19), in the definition of “related debt recovery credit” for “by virtue of paragraph 5(2) above in connection with a bad debt” substitute “ in connection with a debt ”.