- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
18(1)In paragraph 17A of Schedule 26 to FA 2002 (computation in accordance with generally accepted accounting practice), after sub-paragraph (1) insert—
“(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.
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 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: