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Finance Act 1997

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This is the original version (as it was originally enacted).

6In paragraph 11 (adjustments in the case of chargeable assets), for sub-paragraphs (2) to (4) there shall be substituted the following sub-paragraphs—

(2)Those amounts are—

(a)the notional closing value of the relationship as at 31st March 1996; and

(b)the amount which would be taken on a computation made—

(i)in accordance with an authorised accruals basis of accounting, and

(ii)on the assumption that such a basis of accounting had always been used as respects that relationship,

to represent the accrued value of the loan relationship in question on 1st April 1996.

(3)Where there is a difference between the amounts mentioned in sub-paragraph (2) above, that difference shall be brought into account—

(a)where the amount mentioned in paragraph (a) of that sub-paragraph is the smaller, as a credit given for the purposes of this Chapter for the accounting period in which the company ceases to be a party to the relationship; and

(b)in any other case, as a debit so given.

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