72(1)None of the following is to be brought into account for the purposes of Part 5 as a result of any of the provisions specified in sub-paragraph (2) or any reference to that provision in any other provision—
(a)credits in respect of a discount arising from a money debt, so far as the discount accrued before 16 March 2005,
(b)credits in respect of profits arising as mentioned in 481(3)(c) or (5)(c) where the related transaction took place before that date,
(c)debits in respect of any impairment arising in respect of a discount arising from a money debt, so far as the discount accrued before that date,
(d)credits in respect of any reversal of any such impairment, so far as the discount accrued before that date.
(2)The provisions are—
(a)section 480 (relevant non-lending relationships involving discounts),
(b)section 481(3)(c) and (5) to (8) (application of Part 5 to relevant non-lending loan relationships), and
(c)section 482(2) (miscellaneous rules about amounts to be brought into account because of Chapter 2 of Part 6).
(3)This paragraph is to be read as if it were in Chapter 2 of Part 6.
73(1)Chapter 6 of Part 6 (alternative finance arrangements) only applies to alternative finance arrangements entered into before 6 April 2005 (“pre-6 April 2005 arrangements”) if they are relevant deposit arrangements and then only so far as provided by this paragraph.
(2)In this paragraph “relevant deposit arrangements” means deposit arrangements under which alternative finance return is payable on or after 6 April 2005.
(3)For the purposes of Part 5 (loan relationships) the loan that is treated under section 509 (application of Part 5: general) as made by or to a company that is party to the pre-6 April 2005 arrangements is a loan made on 6 April 2005 of an amount equal to the notional carrying value of the asset or liability representing the arrangements.
(4)For the purposes of sub-paragraph (3) that notional carrying value is the amount that would have been the carrying value of the asset or liability in the accounts of the company (prepared in accordance with generally accepted accounting practice) if a period of account had ended immediately before 6 April 2005.
74(1)Chapter 6 of Part 6 (alternative finance arrangements) only applies to profit share agency arrangements entered into before 1 April 2006 (“pre-1 April 2006 arrangements”) if they are relevant profit share agency arrangements and then only so far as provided by this paragraph.
(2)In this paragraph “relevant profit share agency arrangements” means profit share agency arrangements under which alternative finance return is payable on or after 1 April 2006.
(3)For the purposes of Part 5 (loan relationships) the loan that is treated under section 509 (application of Part 5: general) as made by or to a company that is party to the pre-1 April 2006 arrangements is a loan made on 1 April 2006 of an amount equal to the notional carrying value of the asset or liability representing the arrangements.
(4)For the purposes of sub-paragraph (3) that notional carrying value is the amount that would have been the carrying value of the asset or liability in the accounts of the company (prepared in accordance with generally accepted accounting practice) if a period of account had ended immediately before 1 April 2006.
75(1)Chapter 6 of Part 6 (alternative finance arrangements) only applies to investment bond arrangements entered into before 1 April 2007 (“pre-1 April 2007 arrangements”) if they are relevant investment bond arrangements and then only so far as provided by this paragraph.
(2)In this paragraph “relevant investment bond arrangements” means investment bond arrangements under which alternative finance return is payable on or after 1 April 2007.
(3)For the purposes of Part 5 (loan relationships) the loan that is treated under section 509 (application of Part 5: general) as made by or to a company that is party to the pre-1 April 2007 arrangements is a loan made on 1 April 2007 of an amount equal to the notional carrying value of the asset or liability representing the arrangements.
(4)For the purposes of sub-paragraph (3) that notional carrying value is the amount that would have been the carrying value of the asset or liability in the accounts of the company (prepared in accordance with generally accepted accounting practice) if a period of account had ended immediately before 1 April 2007.
76In relation to any case where the public issue (within the meaning of section 530(4) and (5)) is before 22 March 2006 for “7 days” in subsections (4)(b) and (5)(a) of section 530 (the redemption return condition: excepted shares) substitute “24 hours”.
77In relation to any time before 16 May 2008, section 527(4) (meaning of “income-producing assets” for the purposes of the increasing value condition) applies with the substitution for paragraph (c) of the following paragraph—
“(c)any share as respects which the redemption return condition is met or would be met apart from section 529(1)(c) (excepted shares),”.
78(1)Chapter 10 of Part 6 (repos) does not apply in relation to an arrangement which came into force before 1 October 2007.
(2)The repeal by this Act of paragraph 15 of Schedule 9 to FA 1996 (repo transactions and stock-lending) does not affect its application in relation to cases where there is—
(a)an arrangement to which Chapter 10 of Part 6 would apply if the arrangement had not come into force before 1 October 2007,
(b)a stock lending arrangement (within the meaning of section 263B(1) of TCGA 1992), which came into force before that date and under which the lender transfers securities to the borrower otherwise than by way of sale, or
(c)any other disposal before that date.
(3)But that paragraph applies with the substitution—
(a)for references to Chapter 2 of Part 4 of FA 1996 of references to Part 5 of this Act, and
(b)for the reference in sub-paragraph (5) to section 84 of that Act of a reference to section 304 of this Act.