Commentary on Sections Overview Overview Section 342: Issues of new securities on reorganisations: disposal at notional carrying value
1118.This section provides that where section 339 applies (the third case in section 335(1)), debits and credits are to be brought into account as if there were a disposal of the loan relationship at its carrying value in the accounts. It is based on section 12G(1) and (3) to (5) of Schedule 9 to FA 1996.