Transitional rules for transitional accounting periods
2In paragraph 3 (basic transitional rules for transitional accounting periods), after sub-paragraph (5) there shall be inserted the following sub-paragraph—
“(5A)Where—
(a)sub-paragraph (5) above applies for determining the closing value of a continuing loan relationship of a company for a transitional accounting period ending on or after 14th November 1996, and
(b)an opening valuation of that relationship falls to be made, as at the beginning of the immediately following accounting period, for the purpose of bringing amounts into account in that company’s case on a mark to market basis of accounting,
the opening value given by that opening valuation shall be taken to be the same as the closing value given in accordance with that sub-paragraph.”