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Finance Act 2004 Part 1 — Loan relationships
Main computational provisions
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In section 88 of that Act (exemption from section 87 in certain cases), omit subsection (2)(b) and subsection (3)(b).
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Omit section 90 of that Act (changes of accounting method).
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(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (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).
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Omit section 92A of that Act (convertible securities etc.: debtor relationships).
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(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).
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In section 96 of that Act (special rules for certain other gilts), omit subsection (3).
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Special computational provisions
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Schedule 9 to the Finance Act 1996 (c. 8) (loan relationships: special computational provisions) is amended as follows.
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In paragraph 10A (deemed disposal on company ceasing to be resident in UK etc.), omit sub-paragraph (5).
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Collective investment schemes etc.
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Consequential amendments
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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 ” .
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