Version Superseded: 01/04/2009
Point in time view as at 19/07/2007.
Finance Act 2007, Cross Heading: Derivative contracts: contracts treated for accounting purposes as financial asset or liability is up to date with all changes known to be in force on or before 08 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
18(1)In paragraph 17A of Schedule 26 to FA 2002 (computation in accordance with generally accepted accounting practice), after sub-paragraph (1) insert—U.K.
“(1A)But, in the case of a contract which is a derivative contract for the purposes of this Schedule by virtue of paragraph 3(1)(b) (contracts treated for accounting purposes as financial asset or liability), the amounts to be so brought into account as respects the contract must be determined on the basis of fair value accounting.”
(2)The amendment made by sub-paragraph (1) has effect in relation to periods of account ending on or after 6th March 2007.
(3)But, in relation to a period of account beginning before that date, the fair value of the derivative contract at the beginning of that period is to be taken to be the carrying value of the contract recognised for accounting purposes at the beginning of that period.
(4)For this purpose “carrying value” has the same meaning as it has for the purposes of paragraph 50A of Schedule 26 to FA 2002.
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