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5.—(1) Amend regulation 3C (prescribed debits and credits not brought into account)(1) as follows.
(2) In paragraph (2)—
(a)after sub-paragraph (a) insert—
“(aa)debits and credits in relation to a derivative contract to which a company is treated as party by section 94A(2)(b) of the Finance Act 1996 where section 93 of that Act (relationships linked to the value of chargeable assets)(2) applied to the debtor relationship in relation to that contract at the end of the company’s period of account immediately preceding the first period of account to begin on or after 1st January 2005;”;
(b)in sub-paragraph (d) at the end omit “and”;
(c)in sub-paragraph (e) at the end insert “; and”;
(d)at the end add—
“(f)debits and credits in relation to a loan relationship to which a company is treated as party by section 94A(2)(a) of the Finance Act 1996 where section 92A(4) of that Act (loan relationships with embedded derivatives)(3) applied to the debtor relationship in relation to that relationship at the end of the company’s period of account immediately preceding the first period of account to begin on or after 1st January 2005.”.
Regulation 3C was inserted by regulations 2 and 5 of S.I. 2005/3383.
Section 93 was amended by sections 75 and 141 of, and Part 3(8) of Schedule 40 to the Finance Act 2002 and was repealed by sections 52 and 326 of, and paragraph 9 of Schedule 10 and Part 2(6) of Schedule 42 to, the Finance Act 2004 (c. 12).
Section 92A was amended by sections 74 of the Finance Act 2002 and was repealed by sections 52 the Finance Act 2004.
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