SCHEDULES

SCHEDULE 10Amendment of enactments that operate by reference to accounting practice

Part 1Loan relationships

Main computational provisions

11

1

Omit sections 93, 93A and 93B of that Act (relationships linked to the value of chargeable assets).

2

Where at the relevant time a company holds an asset to which section 93 applies—

a

section 93B (deemed disposal and re-acquisition) shall have effect as if the asset had ceased at that time to be an asset to which section 93 applied (but without ceasing to represent a creditor relationship of the company), and

b

any amount falling to be brought into account under the Taxation of Chargeable Gains Act 1992 (c. 12) shall be brought into account in accordance with section 93(4) accordingly.

3

The relevant time for this purpose is immediately before the end of the last period of account before that in relation to which sub-paragraph (1) has effect (see section 52(3) of this Act).