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The Loan Relationships and Derivative Contracts (Change Of Accounting Practice) (Amendment) Regulations 2004

S.I. 2004/3347 · Made 16 December 2004

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

This instrument corrects errors in S.I. 2004/3271. It is being issued free of charge to all known recipients of that instrument.

INCOME TAX

Made 16th December 2004

Laid before the House of Commons 17th December 2004

Coming into force 1st January 2005

The Treasury, in exercise of the powers conferred upon them by sections 85B(3) and (5) of, and paragraph 19B of Schedule 9 to, the Finance Act 1996f1, make the following Regulations:

Annotations to the whole text

Footnotes

f1

1996 c. 8. Section 85B was inserted by paragraph 3 of Schedule 10 to the Finance Act 2004 (c. 12) and paragraph 19B was inserted by paragraph 36 of that Schedule.

Contents

  1. 1Citation, commencement and interpretation
  2. 2Amendment of the principal Regulations
  3. Signature
  4. Explanatory note

1Citation, commencement and interpretation

(1)

These Regulations may be cited as the Loan Relationships and Derivative Contracts (Change of Accounting Practice) (Amendment) Regulations 2004 and shall come into force on 1st January 2005.

(2)

In these Regulations “the principal Regulations” means the Loan Relationships and Derivative Contracts (Change of Accounting Practice) Regulations 2004f1.

2Amendment of the principal Regulations

(1)

The principal Regulations are amended as follows.

(2)

In regulation 4(7)—

(a)

for “an asset representing” substitute “a liability representing”;

(b)

for “the debit falling” substitute “the credit falling”; and

(c)

for “interest receivable” substitute “interest payable”.

Signature

Derek Twigg

Nick Ainger

Two of the Lords Commissioners of Her Majesty’s Treasury

16th December 2004

Explanatory note

(This note is not part of the Regulations)

These Regulations correct errors in the Loan Relationships and Derivative Contracts (Change of Accounting Practice) Regulations 2004 (S.I. 2004/3271: “the principal Regulations”).

Regulation 1 provides for citation, commencement and interpretation.

Regulation 2 makes amendments to regulation 4(7) of the principal Regulations to ensure that it is, as was originally intended, the converse of regulation 4(6) of those Regulations.

These Regulations do not impose new costs on business.