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Finance Act 1997

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This is the original version (as it was originally enacted).

Leasing and loan arrangements

82Finance leases and loans

Schedule 12 to this Act (which makes provision about arrangements such as are treated for certain accounting purposes as finance leases or loans) shall have effect.

83Loan relationships: transitions

(1)Chapter II of Part IV of the [1996 c. 8.] Finance Act 1996 (loan relationships) shall be amended as follows.

(2)In subsection (5) of section 90 (changes in accounting methods), before the word “and” at the end of paragraph (a) there shall be inserted the following paragraph—

(aa)the relationship is one to which the company in question is still a party at the end of the period or part of a period for which the accruals basis of accounting is used,.

(3)In that subsection for the words after paragraph (b) there shall be substituted—

that amount shall be computed using for the closing value as at the end of that period or part of a period the amount specified in subsection (6) below.

(4)For subsection (6) of that section (amounts used for computations under subsection (5)) there shall be substituted the following subsection—

(6)That amount is—

(a)in a case to which subsection (3) above applies, the amount taken for the purposes of subsection (3)(a)(ii) above to be the closing value as at the end of the period for which the accruals basis of accounting is used; and

(b)in a case to which subsection (2) above applies, the amount which, without the making of the assumptions mentioned in subsection (4) above, would be taken to be the closing value as at the end of the part of the period for which that basis is used.

(5)Subsections (2) to (4) above apply where the period or part of a period for which the superseded accounting method is or was used is a period ending on or after 14th November 1996.

(6)Schedule 13 to this Act (which contains amendments of the transitional provisions in Schedule 15 to the Finance Act 1996) shall have effect.

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