- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
(1)This section applies if—
(a)two connected companies are party to a loan relationship, one (“the debtor”) as debtor and the other (“the creditor”) as creditor, and
(b)conditions A, B and C are met.
(2)Condition A is that the debtor, in accordance with generally accepted accounting practice, treats the rights and liabilities under the loan relationship as divided between—
(a)rights and liabilities under a loan relationship (“the host contract”) and,
(b)rights and liabilities under one or more derivative financial instruments or equity instruments.
(3)Condition B is that the creditor, in accordance with generally accepted accounting practice, does not treat its rights and liabilities under the loan relationship as so divided.
(4)Condition C is that—
(a)the debits brought into account by the debtor under this Part in respect of the host contract for any accounting period, exceed
(b)the credits brought into account (otherwise than as a result of this section) by the creditor in respect of the loan relationship for the corresponding accounting period or periods of the creditor.
(5)The creditor is treated for the purposes of this Part as bringing into account for the corresponding accounting period or periods additional credits in respect of the loan relationship of an amount equal to the excess.
(6)But if the creditor is a party to the loan relationship as creditor during only part of the corresponding accounting period (or any of the corresponding periods), it is treated for the purposes of this Part as bringing into account for the period only such part of the excess as is just and reasonable.
(7)Section 419 supplements this section.
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Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.
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