Part 5Loan Relationships
Chapter 3The credits and debits to be brought into account: general
Rules differing from generally accepted accounting practice
326Writing off government investments
(1)
This section applies if a government investment in a company is written off by the release of a liability to pay any amount under a debtor relationship of the company.
(2)
The company is not required to bring into account a credit for the purposes of this Part in respect of the release.
(3)
Section 400(7) and (8) of ICTA (write-off of government investment) applies for interpreting the reference in subsection (1) to a government investment in a company being written off as it applies for the purposes of section 400(1) of that Act.