Finance Act 2004 (c. 12)

SCHEDULES

SCHEDULE 10 Amendment of enactments that operate by reference to accounting practice

Part 2 Derivative contracts

Miscellaneous

66 For paragraph 50 of that Schedule (partnerships involving companies: application of accounting methods) substitute—

“Partnerships involving companies: use of fair value accounting

50 (1) Where the company partner uses fair value accounting in relation to its interest in the firm, the debits and credits to be brought into account under paragraph 49 by that company must be determined on the basis of fair value accounting.

(2) In this paragraph “company partner” and “firm” have the same meaning as in paragraph 49.”.