SCHEDULES
SCHEDULE 2

Transitionals and savings
Part 8

Loan relationships

Restriction on bringing into account credits resulting from reversal of debits disallowed in a period of account beginning before 1 January 2005
61
1
No credit is to be brought into account for the purposes of Part 5 in respect of the reversal of a debit that was disallowed for tax purposes in a period of account beginning before 1 January 2005—
a
because of the assumption required by paragraph 5(1) of Schedule 9 to FA 1996, or
b
because the exceptions in section 74(1)(j) of ICTA did not apply.
2
This paragraph does not apply if fair value accounting is used.