SCHEDULES
SCHEDULE 6

Avoidance involving financial arrangements

Loan relationships: meaning of “fair value” in Chapter 2 of Part 4 of FA 1996
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1
Section 103 of FA 1996 (interpretation of Chapter 2 of Part 4 of FA 1996) is amended as follows.
2
In subsection (1), in the definition of “fair value”, in paragraphs (a) and (b), omit “in respect of amounts which at that time are not yet due and payable”.
3
The amendment made by this paragraph has effect in relation to periods of account ending on or after 22nd March 2006.
4
But, in relation to a period of account beginning before 22nd March 2006, the amendment made by this paragraph has effect only in relation to—
a
disposals or acquisitions (in whole or in part) of rights or liabilities under a loan relationship, or
b
anything treated for the purposes of Chapter 2 of Part 4 of FA 1996 as such a disposal or acquisition,
which were made (or treated as made) on or after that date.