§ Amendments made: No. 66, in page 251, leave out lines 47 and 48 and insert—
§ `23.—(1) Where this Chapter has effect in relation to any accounting period in relation to which section 434A of that Act (computation of losses and limitation on relief) has effect without any of the amendments made by paragraph 2 of Schedule (Life assurance business losses) to this Act, subsection (2) of that section of that Act shall have effect in relation to that period with the following amendments, that is to say—'.
§ No. 38, in page 259, line 1, leave out 'and (4)' and insert (4) and (4A)'.
1212§ No. 59, in page 259, line 23, at end insert—
§ `(4A) The Treasury may by regulations provide for subsection (3) above to apply—
- (a) in the case of trading credits as well as in the case of non-trading credits;
- (b) in the case of any credit ("an insurance credit") in the case of which, by virtue of subsection (4) above, it would not otherwise apply.
§ (4B) Regulations under subsection (4A) above may—
- (a) provide for subsection (3) above to apply in the case of a trading credit or an insurance credit only if the circumstances are such as may be described in the regulations;
- (b) provide for subsection (3) above to apply, in cases where it applies by virtue of any such regulations, subject to such exceptions, adaptations or other modifications as may be specified in the regulations;
- (c) make different provision for different cases; and
- (d) contain such incidental, supplemental, consequential and transitional provision as the Treasury think fit.'.
§ No. 40, in page 259, line 25, at end insert
§ `and
§ `trading credit' means any credit falling to be brought into account for the purposes of Chapter II of Part IV of the Finance Act 1996 (loan relationships) in accordance with section 76(2) of that Act.'.'.—[Mr. Jack.]