SCHEDULES
SCHEDULE 2Transitionals and savings
Part 8Loan relationships
Restriction on bringing into account credits resulting from reversal of debits disallowed in a period of account beginning before 1 January 2005
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(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.