Chwilio Deddfwriaeth

Chwiliad Uwch

Finance Act 2002

Status:

Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).

Application of accounting methods: requirement to follow generally accepted accounting practice

20(1)Sub-paragraph (2) has effect if, in the case of a company falling within paragraph 52(1)(c) or (d),—

(a)the company has not made an election under paragraph 19,

(b)an authorised mark to market basis of accounting would be used for an accounting period—

(i)as respects some or all of the company’s derivative contracts, and

(ii)as respects some or all of its loan relationships,

were the company a UK company following generally accepted accounting practice, and

(c)that basis of accounting—

(i)is used in the company’s statutory accounts as respects those loan relationships for that accounting period, but

(ii)is not the basis of accounting used in the company’s statutory accounts as respects those derivative contracts for that accounting period.

(2)Where this sub-paragraph has effect in relation to any accounting period, the company must for that accounting period use an authorised mark to market basis of accounting as its authorised accounting method for the purposes of this Schedule in relation to every derivative contract as respects which that basis would be used were it a UK company following generally accepted accounting practice.

(3)Sub-paragraph (4) has effect where, in the case of a derivative contract of a company,—

(a)the company uses, as respects the contract, a basis of accounting other than an authorised mark to market basis of accounting for an accounting period (the “preceding period”), but

(b)by virtue of sub-paragraph (2), the company must for the succeeding accounting period (the “first mark to market period”) use, as respects the contract, an authorised mark to market basis of accounting as its authorised accounting method for the purposes of this Schedule.

(4)Where this sub-paragraph has effect in relation to a derivative contract of a company, the company shall be deemed—

(a)to have disposed of the contract immediately before the end of the preceding period for a consideration of an amount equal to the fair value of the contract at that time, and

(b)to have reacquired it for the same consideration immediately after the beginning of the first mark to market period.

Yn ôl i’r brig

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