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The Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004
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- UK Statutory Instruments
- 2004 No. 3256
- Regulation 11
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Changes over time for: Section 11
Version Superseded: 27/12/2006
Alternative versions:
- 11/08/2005- Amendment
- 29/12/2005- Amendment
- 29/12/2005
Point in time - 27/12/2006- Amendment
- 31/12/2014- Amendment
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[F1Profits and losses arising from loan relationships with embedded derivativesU.K.
This section has no associated Explanatory Memorandum
11.—(1) For the purposes of section 85B(3) of the Finance Act 1996 (amounts recognised in determining company’s profits and loss)—
(a)the amounts described in paragraph (2) are prescribed in relation to a company which is a party to a creditor relationship to which—
(i)section 92 (convertible securities etc: creditor relationships) or 93 (relationships linked to the value of chargeable assets) of the Finance Act 1996(1) applies immediately before the start of the first accounting period of the company to begin on or after 1st January 2005, and
(ii)section 94A of the Finance Act 1996(2) (loan relationships with embedded derivatives) applies in the first accounting period of the company to begin on or after 1st January 2005; and
(b)the amounts described in paragraph (3) are prescribed in relation to a company which is a party to a creditor relationship to which section 92 or 93 of the Finance Act 1996 applies immediately before the start of the first accounting period of the company to begin on or after 1st January 2005.
(2) The prescribed amounts are all credits and debits in respect of the host contract save for—
(a)credits in relation to interest accruing in respect of the creditor relationship without regard to the amounts given by the effective interest method; and
(b)credits and debits in respect of exchange gains and losses.
(3) The prescribed amounts are all credits and debits save for—
(a)credits in relation to interest, and
(b)credits and debits in respect of exchange gains and losses.
[F2(4) Where there is a change of accounting policy in drawing up a company’s accounts from one period of account to the next affecting the amounts to be brought into account for accounting purposes in respect of the company’s loan relationships, the amounts prescribed in paragraphs (1) to (3) that would otherwise be brought into account for the purposes of Chapter 2 of the Finance Act 1996 shall not be brought into account.]]
Textual Amendments
F1Regs. 11, 12 inserted (11.8.2005 with effect in accordance with reg. 1(2) of the amending S.I.) by The Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) (Amendment) Regulations 2005 (S.I. 2005/2012), regs. 1(1), 11
F2Reg. 11(4) inserted (29.11.2005 with effect in accordance with reg. 1(2) of the amending S.I.) by The Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) (Amendment No. 2) Regulations 2005 (S.I. 2005/3374), regs. 1(1), 12
(1)
Paragraph 28 was amended by section 179(1), (2), (3) and (5) of the Finance Act 2003 (c. 14) and section 30 of and paragraph 15(2) of Schedule 5 to the 2004 Act.
(2)
Paragraph 30 was amended by section 179(4) and (5) of the Finance Act 2003 and section 52 of and paragraph 57of Schedule 10 to the 2004 Act.
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