Schedule 10 | Amendment of enactments that operate by reference to accounting practice

Part 1Loan relationships

Main computational provisions

(1)Repealed

(2)Repealed

(3)Repealed

(4)Repealed

(5)In section 88 of that Act (exemption from section 87 in certain cases), omit subsection (2)(b) and subsection (3)(b).

(6)Repealed

(7)Omit section 90 of that Act (changes of accounting method).

(8)Repealed

(1)Repealed

(2)Where at the relevant time a company holds an asset to which section 92 applies—

(a)section 92(7) (deemed disposal and re-acquisition) shall have effect as if the asset had ceased at that time to be an asset to which that section applied (but without ceasing to represent a creditor relationship of the company), and

(b)any amount falling to be brought into account under the Taxation of Chargeable Gains Act 1992 (c. 12) shall be brought into account in accordance with section 92(4) accordingly.

(3)The relevant time for this purpose is immediately before the end of the last period of account before that in relation to which sub-paragraph (1) has effect (see section 52(3) of this Act).

(10)Omit section 92A of that Act (convertible securities etc.: debtor relationships).

(1)Omit sections 93, 93A and 93B of that Act (relationships linked to the value of chargeable assets).

(2)Where at the relevant time a company holds an asset to which section 93 applies—

(a)section 93B (deemed disposal and re-acquisition) shall have effect as if the asset had ceased at that time to be an asset to which section 93 applied (but without ceasing to represent a creditor relationship of the company), and

(b)any amount falling to be brought into account under the Taxation of Chargeable Gains Act 1992 (c. 12) shall be brought into account in accordance with section 93(4) accordingly.

(3)The relevant time for this purpose is immediately before the end of the last period of account before that in relation to which sub-paragraph (1) has effect (see section 52(3) of this Act).

(12)Repealed

(13)Repealed

(14)Repealed

(15)In section 96 of that Act (special rules for certain other gilts), omit subsection (3).

(16)Repealed

(17)Repealed

Special computational provisions

(18)Schedule 9 to the Finance Act 1996 (c. 8) (loan relationships: special computational provisions) is amended as follows.

(19)Repealed

(20)Repealed

(21)Repealed

(22)Repealed

(23)Repealed

(24)Repealed

(25)Repealed

(26)Repealed

(27)Repealed

(28)Repealed

(29)In paragraph 10A (deemed disposal on company ceasing to be resident in UK etc.), omit sub-paragraph (5).

(30)Repealed

(31)Repealed

(32)Repealed

(33)Repealed

(34)Repealed

(35)Repealed

(36)Repealed

Collective investment schemes etc.

(37)Repealed

(38)Repealed

(39)Repealed

(40)Repealed

(41)Repealed

(42)Repealed

Consequential amendments

(43)Repealed

(44)Repealed

(45)Repealed

(46)In paragraph 7(3) of Schedule 26 to the Transport Act 2000 (c. 38) (transfers under that Act), for “an authorised accounting method” substitute “ a basis of accounting ”.

Part 2Derivative contracts

Method of taxation

(47)Repealed

(48)Repealed

Accounting methods

(49)Repealed

(50)Repealed

(51)Repealed

Special provision for bad debt etc.

(52)Repealed

(53)Repealed

Special computational provisions

(54)Repealed

(55)Repealed

(56)Repealed

(57)Repealed

(58)Repealed

Collective investment schemes

(59)Repealed

(60)Repealed

(61)Repealed

(62)Repealed

(63)Repealed

Miscellaneous

(64)Repealed

(65)Repealed

(66)Repealed

(67)Repealed

Interpretation

(68)Repealed

(69)Repealed

Consequential amendment

(70)Repealed

Part 3Intangible fixed assets

Excluded assets: assets in respect of which capital allowances previously made

(71)Repealed

Adjustment on change of accounting policy

(72)Repealed

References to amounts recognised in profit and loss account

(73)Repealed

Consequential amendments

(74)Repealed

(75)Repealed

(76)Repealed

Part 4Foreign currency accounting

Main provisions

(77)Repealed

Consequential amendments

(78)Repealed

Transitional provision

(79)Where a company carries forward to its first period of account beginning on or after 1st January 2005 an amount by way of—

(a)management expenses brought forward under section 75 of the Taxes Act 1988,

(b)losses brought forward under section 392B or 393 of that Act, or

(c)non-trading deficits on loan relationships brought forward under section 83 of the Finance Act 1996,

that amount shall be translated into sterling using the London closing exchange rate for the last day of the previous period of account.