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