61(1)No credit is to be brought into account for the purposes of Part 5 in respect of the reversal of a debit that was disallowed for tax purposes in a period of account beginning before 1 January 2005—U.K.
(a)because of the assumption required by paragraph 5(1) of Schedule 9 to FA 1996, or
(b)because the exceptions in section 74(1)(j) of ICTA did not apply.
(2)This paragraph does not apply if fair value accounting is used.