Finance (No. 2) Act 2005
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Change 1
SCHEDULE 6 Accounting practice and related matters
Section 37 Adjustment on change of accounting basis 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Meaning of “statutory insolvency arrangement” 3 (1) For section 259 of ITTOIA 2005 (trading income: meaning of “statutory insolvency arrangement”) substitute— Meaning of “statutory insolvency arrangement” 259 In this Part “statutory insolvency arrangement” means— (a) a voluntary arrangement that has taken effect under or as a result of the Insolvency Act 1986, Schedule 4 or 5 to the Bankruptcy (Scotland) Act 1985 or the Insolvency (Northern Ireland) Order 1989, (b) a compromise or arrangement that has taken effect under section 425 of the Companies Act 1985 or Article 418 of the Companies (Northern Ireland) Order 1986, or (c) any arrangement or compromise of a kind corresponding to any of those mentioned in paragraph (a) or (b) that has taken effect under or by virtue of the law of a country or territory outside the United Kingdom. . (2) This amendment has effect for the tax year 2005-06 and subsequent tax years in relation to periods of account beginning on or after 1st January 2005. Minor corrections 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Deemed release of liability on impaired debt becoming held by connected company 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Adjustment on change to international accounting standards: bad debt debits formerly disallowed 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Loan relationships with embedded derivatives 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 (1) In section 116(8A) of TCGA 1992 (reorganisations, conversions and reconstructions: application of loan relationships regime in certain cases)— (a) after “shall have effect” insert “ , subject to subsection (8B) below, ”, and (b) for “that subsection” substitute “ subsection (6) above ”. (2) After that subsection insert— (8B) Subsection (8A) above does not apply where the relevant transaction is a conversion of securities occurring in consequence of the operation of the terms of any security or of any debenture which is not a security. Expressions used in this subsection have the same meaning as they have for the purposes of section 132. . (3) These amendments have effect in relation to transactions occurring after 26th May 2005. Exchange gains and losses 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SCHEDULE 6 Accounting practice and related matters
Section 37 Adjustment on change of accounting basis 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Meaning of “statutory insolvency arrangement” 3 (1) For section 259 of ITTOIA 2005 (trading income: meaning of “statutory insolvency arrangement”) substitute— Meaning of “statutory insolvency arrangement” 259 In this Part “statutory insolvency arrangement” means— (a) a voluntary arrangement that has taken effect under or as a result of the Insolvency Act 1986, Schedule 4 or 5 to the Bankruptcy (Scotland) Act 1985 or the Insolvency (Northern Ireland) Order 1989, (b) a compromise or arrangement that has taken effect under section 425 of the Companies Act 1985 or Article 418 of the Companies (Northern Ireland) Order 1986, or (c) any arrangement or compromise of a kind corresponding to any of those mentioned in paragraph (a) or (b) that has taken effect under or by virtue of the law of a country or territory outside the United Kingdom. . (2) This amendment has effect for the tax year 2005-06 and subsequent tax years in relation to periods of account beginning on or after 1st January 2005. Minor corrections 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Deemed release of liability on impaired debt becoming held by connected company 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Adjustment on change to international accounting standards: bad debt debits formerly disallowed 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Loan relationships with embedded derivatives 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 (1) In section 116(8A) of TCGA 1992 (reorganisations, conversions and reconstructions: application of loan relationships regime in certain cases)— (a) after “shall have effect” insert “ , subject to subsection (8B) below, ”, and (b) for “that subsection” substitute “ subsection (6) above ”. (2) After that subsection insert— (8B) Subsection (8A) above does not apply where the relevant transaction is a conversion of securities occurring in consequence of the operation of the terms of any security or of any debenture which is not a security. Expressions used in this subsection have the same meaning as they have for the purposes of section 132. . (3) These amendments have effect in relation to transactions occurring after 26th May 2005. Exchange gains and losses 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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