[F112.—(1) For the purposes of section 85B(3) of the Finance Act 1996 the amounts described in paragraph (2) are prescribed in relation to a company which is a party to a debtor relationship to which—
(a)section 92A (convertible securities etc: debtor relationships)(1) 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, and
(b)section 94A of the Finance Act 1996 applies in 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)debits in relation to interest accruing in respect of the debtor relationship without regard to the amounts given by the effective interest method; and
(b)credits and debits in respect of exchange gains and losses.]
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