8U.K.In regulation 6A of the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004—
(a)in paragraph (5)(b), after “fair value” insert “ (but see paragraph (6)) ”, and
(b)at the end insert—
“(6)For the purposes of the definition of “the first relevant period” an accounting period of a company is to be ignored if—
(a)the accounting period begins solely as a result of a disposal of an asset by the company, and
(b)any gain accruing to the company on the disposal would be chargeable to corporation tax as a result of section 2B(4) of the Taxation of Chargeable Gains Act 1992.”