{
  "url": "https://openlegislation.uk/loan-relationships-and-derivative-contracts-change-of-accounting-practice-amendment-regulations-2006/note",
  "json_url": "https://openlegislation.uk/loan-relationships-and-derivative-contracts-change-of-accounting-practice-amendment-regulations-2006/note.json",
  "legislation": "uksi/2006/3238",
  "legislation_title": "The Loan Relationships and Derivative Contracts (Change of Accounting Practice) (Amendment) Regulations 2006",
  "legislation_url": "https://openlegislation.uk/loan-relationships-and-derivative-contracts-change-of-accounting-practice-amendment-regulations-2006",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations amend the Loan Relationships and Derivative Contracts (Change of Accounting Practice) Regulations 2004 (S.I. 2004/3271, as amended by S.I. 2005/3383; “the Principal Regulations”) which make provision for certain debits and credits not to be brought into account in the first accounting period beginning on or after 1st January 2005 but to be brought into account over a ten year period, in the first accounting period beginning on or after 1st January 2006, or not to be brought into account for any period.\nRegulation 1 provides for citation, commencement and effect.\nRegulation 2 introduces the amendments.\nRegulation 3 amends regulation 3 of the Principal Regulations to provide that prescribed debits and credits are brought into account in an accounting period commencing on or after 1st January 2006.\nRegulation 4 amends regulation 3B (prescribed debits and credits in relation to dormant accounts brought into account in the first accounting period beginning on or after 1st January 2007) of the Principal Regulations so that debits and credits in relation to dormant account transition amounts will not be brought into account until the first accounting period beginning on or after 1st January 2008.\nRegulation 5 amends regulation 3C of the Principal Regulations so that debits and credits in relation to—\n(1) a derivative contract where section 93 (relationships linked to the value of chargeable assets) of the Finance Act 1996 (c.8) applied immediately preceding the first accounting period of a company to begin on or after 1st January 2005 to the loan relationship relating to that contract, or\n(2) a loan relationship to which 92A(4) of that Act (loan relationships with embedded derivatives) applied immediately preceding the first accounting period of a company to begin on or after 1st January 2005,\nare not brought into account.\nRegulation 6 amends regulation 4(3) of the Principal Regulations which provides that certain debits and credits are not prescribed for the purpose of the Regulations.\nThese Regulations impose no new costs on business.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2006/3238/note",
    "retrieved_at": "2026-10-29T04:14:10.634901+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}