CFM5003 - Taxing loan relationships: introduction: guidance
Using the guidance and legislation
Old guidance
If you are looking at an accounting period that ends before 26 July 2001, consult the old guidance. You'll find this in Volume 5 of the Corporation Tax Manual, at CT12000+.
Anti-avoidance guidance
If you are looking at an accounting period that ends after 25 July 2001 you may need to consult both the old guidance and the current guidance. This is because the new anti-avoidance provisions, covering
came into force when they were announced on
- 26 July 2001,
- 19 December 2001, or
- 24 April 2002, respectively.
Current guidance
Use the
current guidance where the company's accounting
period begins on or after 1 October 2002. FA 2002 introduced many
changes to FA 1996, which are now covered by this
Corporate Finance Manual.
FA 2004 introduced further changes to FA 1996 and guidance on
these is also covered by this
Corporate Finance Manual. The FA 2004 changes
apply for periods of account starting on or after 1 January 2005.
In some cases the guidance on the FA 2004 changes appears alongside
the guidance on the FA 2002 changes. In other cases it appears in a
separate block. Notes at the top of the screen and paragraph
headings within the body of the material direct you to the guidance
that applies to the accounting periods you are considering.
If a company tries to delay a move to loan relationships from
the FOREX legislation by shortening an accounting period, the new
legislation, so far as it applies to exchange gains and losses,
applies from the start of the accounting period that includes 1
October 2002. There are details at
CFM10500+.
