- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (06/04/2006)
- Gwreiddiol (Fel y'i Deddfwyd)
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33[F1(1)Where any profits or losses arising to an open-ended investment company from a derivative contract in an accounting period are capital profits or losses, they must not be brought into account as credits or debits for the purposes of this ScheduleF2....
[F3(1A)For the purposes of this paragraph “capital profits, gains or losses”—
(a)in the case of an open-ended investment company that prepares accounts in accordance with UK generally accepted accounting practice, has the meaning given by sub-paragraphs (2) to (4), and
(b)in the case of an open-ended investment company that prepares accounts in accordance with international accounting standards, has the meaning given by order made by the Treasury.]
(2)[F4In the cases mentioned in sub-paragraph (1A)(a)], capital profits and losses arising from a derivative contract in an accounting period are such profits and losses arising from a derivative contract as fall to be dealt with under—
(a)the heading “net gains/losses on investments during the period”, or
(b)the heading “other gains/losses”,
in the statement of total return for the accounting period.
(3)For the purposes of sub-paragraph (2), the statement of total return for an accounting period is the statement of total return which, in accordance with the Statement of Recommended Practice used for the accounting period, must be included in the accounts contained in the annual report of the open-ended investment company which deals with the accounting period.
(4)For the purposes of sub-paragraph (3), the “Statement of Recommended Practice” used for an accounting period is—
(a)in relation to any accounting period for which it is required or permitted to be used, the Statement of Recommended Practice relating to Open-Ended Investment Companies issued by the Financial Services Authority in November 2000, as from time to time modified, amended or revised, or
(b)in relation to any accounting period for which it is required or permitted to be used, any subsequent statement of recommended practice dealing with accounting requirements relating to open-ended investment companies F5..., as from time to time modified, amended or revised.]
Textual Amendments
F1Sch. 26 para. 33 repealed (for the purposes of corporation tax and income tax, with effect as specifed in art. 2(2)(3) of the commencing S.I.) by Finance (No. 2) Act 2005 (c. 22), ss. 17(1)(c), 19(1), Sch. 11 Pt. 2(3); S.I. 2006/982, art. 2
F2Words in Sch. 26 para. 33(1) repealed (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 10 para. 60(2), Sch. 42 Pt. 2(6)
F3Sch. 26 para. 33(1A) inserted (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 10 para. 60(3)
F4Words in Sch. 26 para. 33(2) substituted (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 10 para. 60(4)
F5Words in Sch. 26 para. 33(4)(b) repealed (with effect in accordance with Sch. 9 para. 5(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 9 para. 5(1), Sch. 42 Pt. 2(5)
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