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Finance Act 1996
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10(1)Section 78 of that Act (discounted bills of exchange) shall cease to have effect except in relation to bills of exchange drawn before 1st April 1996.
(2)Where any bill so drawn is paid on or after 1st April 1996—
(a)the amount which subsection (2) of that section provides to be treated as a deduction against total profits and as a charge on income shall (instead of being so treated) be brought into account for the purposes of this Chapter as a non-trading debit; and
(b)that amount shall be the only amount brought into account for the purposes of this Chapter in respect of the discount in question.
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