Modifications etc. (not altering text)
C1Pt. 5 applied (with effect in accordance with Sch. 24 paras. 13-16 of the amending Act) by Finance Act 2009 (c. 10), Sch. 24 para. 15(2)(3)
C2Pt. 5 applied (with modifications) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 990(5), 1184(1) (with Sch. 2)
C3Pt. 5 modified (15.11.2011 for specified purposes, 30.3.2012 for E.W.) by Localism Act 2011 (c. 20), ss., 240(5)(o), Sch. 24 para. 5; S.I. 2012/628, art. 3(b)
C4Pt. 5 modified (1.4.2012) by Budget Responsibility and National Audit Act 2011 (c. 4), s. 29, Sch. 4 para. 2; S.I. 2011/2576, art. 5
(1)If there is an increase in the carrying value of an asset representing a loan relationship of the company between—
(a)the end of the earlier period, and
(b)the beginning of the later period,
a credit equal to the increase must be brought into account for the purposes of this Part for the later period.
(2)If there is a decrease in the carrying value of such an asset between—
(a)the end of the earlier period, and
(b)the beginning of the later period,
a debit equal to the decrease must be brought into account for the purposes of this Part for the later period.
(3)If there is an increase in the carrying value of a liability representing a loan relationship of the company between—
(a)the end of the earlier period, and
(b)the beginning of the later period,
a debit equal to the increase must be brought into account for the purposes of this Part for the later period.
(4)If there is a decrease in the carrying value of such a liability between—
(a)the end of the earlier period, and
(b)the beginning of the later period,
a credit equal to the decrease must be brought into account for the purposes of this Part for the later period.
(5)This section does not apply so far as such a credit or debit as is mentioned in this section falls to be brought into account apart from this section.