349Application of amortised cost basis to connected companies relationshipsU.K.
This section has no associated Explanatory Notes
(1)This section applies if a loan relationship is a connected companies relationship for an accounting period.
(2)The credits and debits which are to be brought into account for the purposes of this Part in respect of the relationship for the period are determined on an amortised cost basis of accounting.
(3)Subsection (2) does not apply if section 454(4) (which requires fair value accounting to be applied to reset bonds etc) applies.
(4)See also section 534(8) (which disapplies this section where the requirement to apply fair value accounting under section 534(1) applies).