SCHEDULES
SCHEDULE 10Amendment of enactments that operate by reference to accounting practice
Part 1Loan relationships
Consequential amendments
43
In section 440 of the Taxes Act 1988 (insurance companies: transfers of assets etc.), in subsection (2A)
(treatment of asset representing loan relationship), for the words from “any authorised accounting method” to “shall be applied” substitute “
Chapter 2 of Part 4 of the Finance Act 1996 applies
”
.
44
In section 730A of that Act (treatment of price differential on sale and repurchase of securities), in subsection (6) (treatment of loan relationships)—
a
omit paragraph (b) (but not the word “and” following it), and
b
in the closing words for “paragraphs (b) and (c)” substitute “
paragraph (c)
”
.
45
In Schedule 28A of that Act (change in ownership of investment company), in paragraphs 7(1)(d)(ii) and (e)(ii), 11(1)(a) and (3)(c) and 16(1)(d)(ii) and (e)(ii) for “authorised accruals” substitute “
amortised cost
”
.
46
In paragraph 7(3) of Schedule 26 to the Transport Act 2000 (c. 38)
(transfers under that Act), for “an authorised accounting method” substitute “
a basis of accounting
”
.