Finance Act 2004 (c. 12)

SCHEDULES

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

Part 1 U.K. Loan relationships

Special computational provisions U.K.

25 (1) Paragraph 6C (bad debts etc.: cessation of connection) is amended as follows. U.K.

(2) In the heading for “Bad debt etc: departure not permitted by paragraph 6:” substitute “ Impairment losses: ”.

(3) For sub-paragraph (1)(a) substitute—

“(a) an impairment loss is excluded by paragraph 6(3) in any accounting period, and”.

F1 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 Sch. 10 para. 25(4) repealed (7.4.2005) by Finance Act 2005 (c. 7), Sch. 11 Pt. 2(5)