SCHEDULES
SCHEDULE 1Minor and consequential amendments
Part 2Other enactments
Finance Act 1996 (c. 8)
444
1
Amend Schedule 15 (loan relationships: savings and transitional provisions) as follows.
2
Omit—
a
paragraph 2 (loan relationships terminated before 1st April 1996),
b
paragraph 3 (basic rules for transitional accounting periods),
c
paragraph 3A (adjustment of opening value where new accounting basis adopted as from an accounting period beginning on 1st April 1996), and
d
paragraph 4 (application of accruals basis to pre-commencement relationships).
3
In paragraph 5—
a
in sub-paragraph (5) for “this Chapter is” substitute “
this Chapter (as it had effect immediately before 1st April 2009) was
”
,
b
in sub-paragraph (6)(b)—
i
for “which is” substitute “
which was
”
, and
ii
after “this Chapter” insert “
(as it had effect immediately before 1st April 2009)
”
, and
c
in sub-paragraph (7)—
i
for “taken to be” substitute “
taken to have been
”
,
ii
for “is treated” substitute “
was treated
”
, and
iii
after “paragraph 4 above” insert “
(as it had effect immediately before 1st April 2009)
”
.
4
In paragraph 6—
a
in sub-paragraph (3) for “this Chapter” substitute “
Part 5 of the Corporation Tax Act 2009
”
,
b
for sub-paragraphs (4) to (7) substitute—
4
Sub-paragraphs (1) to (3) above do not apply if the company duly made an election for the purposes of this sub-paragraph as it had effect on 30th September 1996.
c
in sub-paragraph (8)—
i
for “section 82(2) of this Act” substitute “
section 297 of the Corporation Tax Act 2009
”
, and
ii
at the end insert “
under Part 5 of that Act
”
.
5
In paragraph 9—
a
in sub-paragraph (1) after “this Chapter” insert “
or Part 5 of the Corporation Tax Act 2009
”
, and
b
in sub-paragraph (2)—
i
after “this Chapter”, in the first place where it occurs, insert “
or that Part
”
, and
ii
after “this Chapter”, in the second place where it occurs, insert “
or, as the case may be, that Part
”
.
6
Omit paragraph 10 (adjustments of opening value for mark to market accounting in the case of chargeable assets).
7
In paragraph 11 (other adjustments in the case of chargeable assets etc)—
a
in sub-paragraphs (1) and (3)(a) for “this Chapter” substitute “
Part 5 of the Corporation Tax Act 2009
”
,
b
in sub-paragraph (6) at the end insert “
under Part 5 of the Corporation Tax Act 2009
”
, and
c
in sub-paragraph (8) after “this Chapter” insert “
and Part 5 of the Corporation Tax Act 2009
”
.
8
In paragraph 11A(2)
(reduction of paragraph 11 credit where section 251(4) of 1992 Act prevents paragraph 8 loss) for “this Chapter” substitute “
Part 5 of the Corporation Tax Act 2009
”
.
9
In paragraph 12 (notional closing values of relevant assets)—
a
in sub-paragraph (2) for “makes” substitute “
made
”
, and
b
in sub-paragraph (3)—
i
for “is made” substitute “
was made
”
, and
ii
after “this Chapter” insert “
and Part 5 of the Corporation Tax Act 2009
”
.
10
Omit—
a
paragraph 13 (further transitional rules where interest under loan relationships),
b
paragraph 14 (transitional in respect of incidental expenses already allowed), and
c
paragraph 15 (holdings of unit trusts etc).
11
In paragraph 16 (bad debt relieved before commencement of FA 1996)—
a
in sub-paragraph (2)—
i
after “this Chapter”, in the first place where it occurs, insert “
or Part 5 of the Corporation Tax Act 2009
”
, and
ii
after “this Chapter”, in the second place where it occurs, insert “
or that Part
”
,
b
in sub-paragraph (3)—
i
after “this Chapter”, in the first place where it occurs, insert “
and Part 5 of the Corporation Tax Act 2009
”
, and
ii
after “this Chapter”, in the second place where it occurs, insert “
and that Part
”
, and
c
in sub-paragraph (4) for “falls” substitute “
fell
”
.
12
In paragraph 17 (transitional for overseas sovereign debt etc)—
a
in sub-paragraph (1) after “this Chapter” insert “
and Part 5 of the Corporation Tax Act 2009
”
, and
b
in sub-paragraph (3)—
i
after “this Chapter”, in the first place where it occurs, insert “
and Part 5 of the Corporation Tax Act 2009
”
, and
ii
after “this Chapter”, in the second place where it occurs, insert “
and that Part
”
.
13
Omit paragraph 18 (transitional for accrued income scheme).
14
In paragraph 19 (deep discount securities)—
a
omit sub-paragraphs (1) and (2),
b
in sub-paragraphs (3A), (4), (5), (6), (7) and (8) for “this Chapter” substitute “
Part 5 of the Corporation Tax Act 2009
”
,
c
omit sub-paragraph (10), and
d
in sub-paragraph (11)(b) for “this Chapter is” substitute “
this Chapter was
”
.
15
In paragraph 20 (deep gain securities)—
a
omit sub-paragraph (1),
b
in sub-paragraphs (2A) and (3) for “this Chapter” substitute “
Part 5 of the Corporation Tax Act 2009
”
, and
c
in sub-paragraph (5) for “this Chapter is” substitute “
this Chapter (as it had effect immediately before 1st April 2009) was
”
.
16
In paragraph 21 (convertible securities)—
a
omit sub-paragraph (1), and
b
in sub-paragraphs (2) and (4) for “this Chapter” substitute “
Part 5 of the Corporation Tax Act 2009
”
.