C11C2C12C10C6C8C1C7C3C5C9Part 5Loan Relationships

Annotations:
Modifications etc. (not altering text)
C11

Pt. 5 applied (with effect in accordance with Sch. 24 paras. 13-16 of the amending Act) by Finance Act 2009 (c. 10), Sch. 24 para. 15(2)(3)

C2

Pt. 5 applied (with modifications) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 990(5), 1184(1) (with Sch. 2)

C12

Pt. 5 modified (15.11.2011 for specified purposes, 30.3.2012 for E.W.) by Localism Act 2011 (c. 20), ss., 240(5)(o), Sch. 24 para. 5; S.I. 2012/628, art. 3(b)

C6

Pt. 5 modified (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 88(1)(2)(7) (with s. 147, Sch. 17)

C1

Pt. 5 modified (with effect in accordance with reg. 1(2)(3) of the amending S.I.) by The Taxation of Regulatory Capital Securities Regulations 2013 (S.I. 2013/3209), regs. 1(1), 11(3)-(6)

C7

Pt. 5 modified by 2010 c. 4, s. 356NC(1)-(4) (as inserted (1.4.2014) by Finance Act 2014 (c. 26), Sch. 16 paras. 4, 6)

C3

Pt. 5 modified by 2010 c. 4, s. 356NB(1)-(4) (as inserted (1.4.2014) by Finance Act 2014 (c. 26), Sch. 16 paras. 4, 6)

C5

Pt. 5 modified by 2007 c. 3, s. 809FZZ(9) (as inserted (with effect in accordance with s. 37(4) of the amending Act) by Finance Act 2016 (c. 24), s. 37(2))

C9

Pt. 5 modified by 2010 c. 4, s. 676AG(1) (as inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 75)

C6C1C9Chapter 12Special rules for particular kinds of securities

F8Index-linked gilt-edged securities

Annotations:
Amendments (Textual)
F8

S. 399 cross-heading substituted (with effect in accordance with Sch. 14 para. 8 of the amending Act) by Finance Act 2010 (c. 13), Sch. 14 para. 3 (with Sch. 14 para. 9)

C4C6400C6F7Adjustments for changes in index

1

This section applies if—

a

F3an amount to be brought into account for the purposes of this Part in respect of F6an index-linked gilt-edged securityF10falls to be determined by reference to its value at two different times, and

b

there is a change in the F1relevant prices index between the earlier and the later time.

2

If that change is an increase, the carrying value of the security at the earlier time is increased by the same percentage as the percentage increase in the F4relevant prices index between those times.

F22A

Subsection (2) is subject to sections 400A to 400C (relevant hedging schemes).

3

If that change is a reduction, the carrying value of the security at the earlier time is reduced by the same percentage as the percentage reduction in the F9relevant prices index between those times.

4

The Treasury may, in relation to any description of index-linked gilt-edged securities, by order provide that—

a

there are to be no adjustments under this section, or

b

an adjustment specified in the order is to be made instead.

5

An order under subsection (4)—

a

may not apply to a security issued before the making of the order, but

b

may make different provision for different descriptions of securities.

6

The general rule is that the percentage increase or reduction in the F5relevant prices index is determined for the purposes of this section by reference to the difference between—

a

the index for the month in which the earlier time falls, and

b

the index for the month in which the later time falls.

7

But if the earlier time falls at the beginning of an accounting period which begins with the first day of a month, the index for the previous month is used for the purposes of subsection (6)(a).