SCHEDULES
SCHEDULE 2Transitionals and savings
Part 8Loan relationships
Deeply discounted securities of close companies: discounts for accounting periods beginning before 1 April 2007
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1
This paragraph applies as regards a debtor relationship entered into in pursuance of a contract—
a
made before 4 March 2005, and
b
not varied after that date, or not varied until after that date.
2
A debit is not allowed or required, as a result of the amendments made by paragraph 3(2) and (4) to (7) of Schedule 8 to F(No.2)A 2005, to be brought into account under Part 5 for an accounting period in respect of any amount of discount in respect of which a debit is so brought into account for any earlier accounting period.
3
In sub-paragraph (2) “earlier accounting period” means an accounting period that began before—
a
1 April 2007, or
b
if the contract mentioned in sub-paragraph (1) was varied before that date, the date of variation.
4
The references in this paragraph to the variation of a contract do not include references to a variation that does not affect the terms of the debtor relationship in question.