SCHEDULES

SCHEDULE 2Transitionals and savings

Part 9Relationships treated as loan relationships

Relevant non-lending relationships: discounts accruing and profits arising before 16 March 2005

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1

None of the following is to be brought into account for the purposes of Part 5 as a result of any of the provisions specified in sub-paragraph (2) or any reference to that provision in any other provision—

a

credits in respect of a discount arising from a money debt, so far as the discount accrued before 16 March 2005,

b

credits in respect of profits arising as mentioned in 481(3)(c) or (5)(c) where the related transaction took place before that date,

c

debits in respect of any impairment arising in respect of a discount arising from a money debt, so far as the discount accrued before that date,

d

credits in respect of any reversal of any such impairment, so far as the discount accrued before that date.

2

The provisions are—

a

section 480 (relevant non-lending relationships involving discounts),

b

section 481(3)(c) and (5) to (8) (application of Part 5 to relevant non-lending loan relationships), and

c

section 482(2) (miscellaneous rules about amounts to be brought into account because of Chapter 2 of Part 6).

3

This paragraph is to be read as if it were in Chapter 2 of Part 6.