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

Collective investment schemes etc. U.K.

41 (1) Paragraph 4 (company holdings in unit trusts and offshore funds) is amended as follows. U.K.

(2) For sub-paragraph (3) substitute—

“(3) The debits and credits to be brought into account for the purposes of this Chapter as respects the company’s relevant holdings must be determined on the basis of fair value accounting.”.

(3) In sub-paragraph (4) for the words from the beginning to “for the purposes of this Chapter,” substitute “ Sub-paragraph (3) shall not be taken, as respects any accounting period, ”.