Commentary on Sections Overview Overview Section 366: Effect where credit for release brought into account on amortised cost basis
1160.This section provides that where a consortium company brings in a credit on an amortised cost basis on the release of a liability by a consortium member and that member debits an equal amount, the debit is not taken into account under this Chapter. It is based in paragraph 5A(15) of Schedule 9 to FA 1996.