Introductory
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Chapter 2 of Part 4 of the Finance Act 1996 (c. 8) (loan relationships) is amended in accordance with the following provisions of this Part.
Finance Act 2002 Part 1 — Amendments of the Finance Act 1996
Meaning of “related transaction”
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Exchange gains and losses from loan relationships etc
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Authorised accounting methods
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Convertible securities etc: exchange gains and losses
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Extension of section 100 to exchange gains and losses and to items other than money debts
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Interpretation
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Bad debt etc: cases where departure allowed from assumption of prompt payment in full
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Bad debts etc where parties have a connection
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Transactions not at arm’s length
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Exchange gains and losses where loan not on arm’s length terms
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Continuity of treatment: groups etc
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Loan relationships for unallowable purposes
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Life assurance business
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Special provisions for insurers: apportionments
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Savings and transitional provisions in the Finance Act 1996
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In Schedule 15 (savings and transitional provisions) omit paragraphs 22 to 24.
Back to Finance Act 2002 — full text
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