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Corporation Tax Act 2009

Section 313: Basis of accounting: “amortised cost basis”, “fair value accounting” and “fair value”

1071.This section deals with the accounting bases that may apply to loan relationships. It is based on section 85A(1) and section 103(1) of FA 1996.

1072.In general a company may make use of either an amortised cost basis or fair value in accounting for loan relationships (both these terms are defined in the section) but certain provisions specify that an amortised cost basis or fair value basis must be used. These are listed in subsection (2).

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