Amendment to the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 20043

In regulation 2(1) (interpretation)—

a

for the definition of “exchange gain or loss” substitute—

  • “exchange gain or loss” has the same meaning as in paragraph 54 of Schedule 26 to the Finance Act 2002;

b

insert the following definitions in the appropriate places—

  • “loan relationship” has the same meaning as in section 81 of the Finance Act 19964;

  • “a paragraph 50A credit or debit” means the credit or debit to be brought into account in accordance with paragraph 50A of Schedule 26 to the Finance Act 20025;

  • “a prior period adjustment credit or debit” means so much of any credit or debit as represents a prior period adjustment taken into account by virtue of paragraph 17B(1)(b) of Schedule 26 to the Finance Act 20026 as a result of a change of accounting basis;