Loan relationships
3(1)Section 312 (determination of credits and debits where amounts not fully recognised) is amended as follows.
(2)For subsection (1A) substitute—
“(1A)Subsection (1B) applies in a case where—
(a)pursuant to the arrangements mentioned in section 311(2)(b), the company becomes, or is treated as becoming, a party to a debtor relationship, and
(b)an amount is (in accordance with generally accepted accounting practice) not fully recognised for any period in respect of the debtor relationship.”
(3)In subsection (1B) omit “by reference to which that condition is met”.
(4)In subsection (3) for “But” substitute
“But—
(a)no debits are, as a result of this section, to be brought into account by the company in respect of the creditor relationship mentioned in section 311(2), and
(b)”.