- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
(1)Before section 473 of the Taxes Act 1988 insert—
(1)This section applies in relation to securities—
(a)which are held by a person carrying on a banking business, an insurance business or a business consisting wholly or partly in dealing in securities; and
(b)which are such that a profit on their sale would form part of the trading profits of that business.
(2)Profits and losses arising from such securities that in accordance with generally accepted accounting practice are—
(a)calculated by reference to the fair value of the securities, and
(b)recognised in that person’s statement of recognised gains and losses or statement of changes in equity,
shall be brought into account in computing the profits or losses of a business in accordance with the provisions of this Act applicable to Case I of Schedule D.
(3)Subsection (2) does not apply—
(a)to an amount to the extent that it derives from or otherwise relates to an amount brought into account under that subsection in an earlier period of account, or
(b)to an amount recognised for accounting purposes by way of correction of a fundamental error.
(4)In this section, “securities”—
(a)includes shares and any rights, interests or options that by virtue of section 99, 135(5) or 136(5) of the Taxation of Chargeable Gains Act 1992 are treated as shares for the purposes of sections 126 to 136 of that Act; but
(b)does not include a loan relationship (within the meaning of Chapter 2 of Part 4 of the Finance Act 1996).”.
(2)This section has effect in relation to—
(a)periods of account beginning on or after 1st January 2005, and
(b)in the case of a company required to prepare accounts under the Companies Act 1985 (c. 6) or the Companies (Northern Ireland) Order 1986 (S.I. 1986/1032 (N.I. 6)), any period of account beginning before that date for which the company is required or permitted to prepare such accounts in accordance with international accounting standards.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: