SCHEDULES

SCHEDULE 2Transitionals and savings

Part 8Loan relationships

Prospective repeal of provisions concerning exchange gains and losses from loan relationships

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(1)

The following provisions (which rewrite provisions prospectively repealed by F(No.2)A 2005 or are related to such provisions) cease to have effect—

(a)

section 306(2)(e) (introduction to section 328),

(b)

section 310(5) (power to make regulations about recognised amounts: exception for exchange gains and losses),

(c)

section 328 (exchange gains and losses),

(d)

section 384 (treatment of exchange gains and losses),

(e)

section 450(6) (meaning of “corresponding debtor relationship”: disregard of section 328(2) to (7)), and

(f)

F1section 151E of TCGA 1992 (exchange gains and losses from loan relationships: regulations).

(2)

For the power to make an order bringing this paragraph into force, see section 1329(3).