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Changes over time for: Paragraph 13
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 01/04/2009
Status:
Point in time view as at 10/07/2008.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2005, Paragraph 13.
Changes to Legislation
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13(1)Paragraph 6 of Schedule 9 to FA 1996 (impairment losses where parties have a connection) is amended as follows.U.K.
(2)In sub-paragraph (2) for “sub-paragraphs (3) to (6) and paragraphs 6A and 6B” substitute “ sub-paragraph (3) (and the provisions mentioned there) and sub-paragraph (6) ”.
(3)In sub-paragraph (3) for paragraphs (a) to (c) substitute—
“(a)sub-paragraph (4) below, or
(b)paragraph 6A.”.
(4)For sub-paragraphs (6) and (7) substitute—
“(6)Where in any period a related transaction takes place in relation to the loan relationship—
(a)the debits brought into account for that period in respect of the relationship must not be more than they would have been if the transaction had not taken place, and
(b)the credits brought into account for that period in respect of the relationship must not be less than they would have been if the transaction had not taken place.
(7)In determining for the purposes of sub-paragraph (6) the debits and credits that would have been brought into account if the related transaction had not taken place, no account shall be taken of any amounts that would have accrued at times after the transaction took place.”.
(5)The amendments in this paragraph have effect in relation to any related transaction taking place on or after 2nd December 2004.
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