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There are currently no known outstanding effects for the Finance Act 2004, Cross Heading: Miscellaneous.
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64U.K.In paragraph 48 of that Schedule (election to treat contract as two assets), for sub-paragraph (4) substitute—
“(4)The debits and credits to be brought into account for the purposes of Chapter 2 of Part 4 of the Finance Act 1996 as respects a creditor relationship arising under sub-paragraph (2)(a) must be determined on the basis of fair value accounting.”.
65U.K.In paragraph 49(4) of that Schedule (partnerships involving companies: provisions for determining credits and debits for company partner), for paragraph (c) substitute—
“(c)to the extent that any exchange gains or losses arising from the contract are recognised in the firm’s statement of recognised gains and losses or statement of changes in equity, the exchange gains or losses shall to that extent be treated as if they had been recognised in the corresponding statement of the company partner,”.
66U.K.For paragraph 50 of that Schedule (partnerships involving companies: application of accounting methods) substitute—
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.”.
67U.K.After that paragraph insert—
50A(1)This paragraph applies where a company—
(a)prepares accounts for one period (“the earlier period”) in accordance with UK generally accepted accounting practice, and
(b)prepares accounts for the next period (“the later period”) in accordance with international accounting standards,
and the approach in each of those periods accords with the law and practice applicable in relation to that period.
(2)If there is a difference between—
(a)the accounting value of a derivative contract of the company at the end of the earlier period, and
(b)the accounting value of that contract at the beginning of the later period,
a corresponding debit or credit (as the case may be) shall be brought into account for the purposes of this Schedule in the later period.
(3)In sub-paragraph (2) “accounting value” means the carrying value of the contract recognised for accounting purposes.
(4)Where or to the extent that an adjustment is made under this paragraph, no adjustment under Schedule 22 (computation of profits: adjustment on change of basis) shall be made.”.
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