SCHEDULES

SCHEDULE 10U.K.Amendment of enactments that operate by reference to accounting practice

Part 2 U.K.Derivative contracts

Special computational provisionsU.K.

56(1)Paragraph 25 of that Schedule (debits and credits treated as relating to capital expenditure) is amended as follows.U.K.

(2)In sub-paragraph (1) omit “given by an authorised accounting method”.

(3)After sub-paragraph (3) add—

“(4)Where a debit is brought into account by a company in accordance with sub-paragraph (1), no debit shall be brought into account in respect of—

(a)the writing down of so much of the value of the fixed capital asset or project as is attributable to that debit, or

(b)so much of any amortisation or depreciation as represents a writing off of the interest component of the asset.”.