SCHEDULE 26Derivative contracts
Part 6Special computational provisions
Transactions within groups: authorised mark to market basis of accounting
F130
(1)
Paragraph 28 does not apply where the transferor company uses an authorised mark to market basis of accounting as respects the derivative contract in question, but in any such case—
(a)
the amount to be brought into account by the transferor company in respect of the transaction referred to in that paragraph, or in respect of the series of transactions there referred to, taken together, must be the fair value of the derivative contract as at the date of transfer to the transferee company; and
(b)
the amount to be brought into account by the transferee company in respect of the transaction referred to in that paragraph, or in respect of the series of transactions there referred to, taken together, must be the same as the amount brought into account by the transferor company in respect of that transaction or, as the case may be, that series of transactions, taken together.
(2)
In this paragraph “transferor company” and “transferee company” have the same meaning as in paragraph 28.