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FB 2016: Asymmetric notional finance charges

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13 April 2016
Card image David Southern QC
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The transfer pricing rules already apply to non-commercial loans. The accountants have now got in on the act through section 11 of FRS 102. This requires interest free loans to be discounted, with concomitant notional finance charges to unwind the discount. Finance (No. 2) Act 2015 radically recast the loan relationship rules with effect from accounting periods beginning on or after 1 January 2016. Finance Bill 2016 has now further adapted the rules to eliminate asymmetries arising from notional finance charges.  

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