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Paragraph 8

In regulation 6A of the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004—

(a)

in paragraph (5)(b), after “fair value” insert “ (but see paragraph (6)) ”, and

(b)

at the end insert—

“(6)

For the purposes of the definition of “the first relevant period” an accounting period of a company is to be ignored if—

(a)

the accounting period begins solely as a result of a disposal of an asset by the company, and

(b)

any gain accruing to the company on the disposal would be chargeable to corporation tax as a result of section 2B(4) of the Taxation of Chargeable Gains Act 1992.”