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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 12
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Changes over time for: Section 12
Version Superseded: 27/12/2006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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[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.
[F2This is subject to paragraph (4).]
(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 [F3and credits and debits in respect of discounts, premiums, fees and other incidental costs to the extent that these amounts are not within section 92A(3) of the Finance Act 1996,] without regard to the amounts given by the effective interest method; and
(b)credits and debits in respect of exchange gains and losses.
[F4(3) 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) and (2) that would otherwise be brought into account for the purposes of Chapter 2 of the Finance Act 1996 shall not be brought into account.
(4) This regulation does not apply to a company which is a party to a debtor relationship in a case where—
(a)the company is carrying on a banking business or a business consisting wholly or partly in dealing in securities, and
(b)it entered into the debtor relationship in the ordinary course of that business.]]
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
F2Words in reg. 12(1) inserted (29.12.2005 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), 13(2)
F3Words in reg. 12(2)(a) inserted (29.12.2005 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), 13(3)
F4Reg. 12(3)(4) inserted (29.12.2005 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), 13(4)
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