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Finance Act 2004

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Changes over time for: Paragraph 27

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Version Superseded: 07/04/2005

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Point in time view as at 22/07/2004.

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 2004, Paragraph 27. Help about Changes to Legislation

27(1)Paragraph 9 (further restriction on bringing into account losses on overseas sovereign debt etc.) is amended as follows.U.K.

(2)In sub-paragraph (1) for paragraphs (a) and (b) substitute—

(a)an impairment loss falls to be brought into account for the purposes of this Chapter in respect of a relevant overseas debt in relation to which any of the conditions in sub-paragraph (2) is met,

(b)in the accounting period in which that loss falls to be so brought into account (“the loss period”) the company ceases to be a party to the loan relationship,.

(3)In sub-paragraph (2)—

(a)for the opening words down to “if—” substitute “ The conditions referred to in sub-paragraph (1)(a) are— ”;

(b)in paragraph (b)—

(i)after “Chapter” insert “ for a period of account of the company beginning before 1st January 2005 ”, and

(ii)for “paragraph 5(1)(a) to (c) above” substitute “ paragraph 5(1)(a) to (c) of this Schedule as it had effect before its amendment by Schedule 10 to the Finance Act 2004 ”;

(c)omit the “or” at the end of paragraph (b);

(d)after that paragraph insert—

(ba)an impairment loss in respect of the debt has been brought into account for the purposes of this Chapter for a period of account of the company beginning on or after 1st January 2005; or.

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