- Latest available (Revised)
- Original (As made)
The Loan Relationships and Derivative Contracts (Change of Accounting Practice) (Amendment) Regulations 2006
You are here:
- UK Statutory Instruments
- 2006 No. 3238
- Explanatory Note
What Version
Opening Options
More Resources
Status:
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the Loan Relationships and Derivative Contracts (Change of Accounting Practice) Regulations 2004 (S.I. 2004/3271, as amended by S.I. 2005/3383; “the Principal Regulations”) which make provision for certain debits and credits not to be brought into account in the first accounting period beginning on or after 1st January 2005 but to be brought into account over a ten year period, in the first accounting period beginning on or after 1st January 2006, or not to be brought into account for any period.
Regulation 1 provides for citation, commencement and effect.
Regulation 2 introduces the amendments.
Regulation 3 amends regulation 3 of the Principal Regulations to provide that prescribed debits and credits are brought into account in an accounting period commencing on or after 1st January 2006.
Regulation 4 amends regulation 3B (prescribed debits and credits in relation to dormant accounts brought into account in the first accounting period beginning on or after 1st January 2007) of the Principal Regulations so that debits and credits in relation to dormant account transition amounts will not be brought into account until the first accounting period beginning on or after 1st January 2008.
Regulation 5 amends regulation 3C of the Principal Regulations so that debits and credits in relation to—
(1) a derivative contract where section 93 (relationships linked to the value of chargeable assets) of the Finance Act 1996 (c.8) applied immediately preceding the first accounting period of a company to begin on or after 1st January 2005 to the loan relationship relating to that contract, or
(2) a loan relationship to which 92A(4) of that Act (loan relationships with embedded derivatives) applied immediately preceding the first accounting period of a company to begin on or after 1st January 2005,
are not brought into account.
Regulation 6 amends regulation 4(3) of the Principal Regulations which provides that certain debits and credits are not prescribed for the purpose of the Regulations.
These Regulations impose no new costs on business.
Options/Help
Print Options
PrintThe Whole Instrument
PrintThis Explanatory Note only
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Opening Options
Different options to open legislation in order to view more content on screen at once
Explanatory Memorandum
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as made version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.