377. Special computational provisions: interest paid late and imputed interest.

Where debits relate to interest payable under a company's debtor relationship1 and:

  1.  

    (1)     interest is not paid within the period of 12 months following the end of the accounting period2 in which it would otherwise be treated as accruing3;

  2.  

    (2)     credits representing the full amount of the interest are not brought into account for these purposes4