[F1418The capital (fair value movement) adjustmentU.K.
(1)In section 416, “the capital (fair value movement) adjustment” means the sum of any relevant fair value movements.
(2)For the purposes of subsection (1) there is a “relevant fair value movement” where—
(a)the carrying value of a relevant asset is measured, for the purposes of the financial statements of the group, using fair value accounting, and
(b)an amount representing a change in the carrying value of the asset is brought into account in determining the group's profit before tax.
(3)The amount of the relevant fair value movement is the amount of the change mentioned in subsection (2)(b) and—
(a)is a positive amount where the change is a loss;
(b)is a negative amount where the change is a profit.
(4)References in this section to a change in the carrying value of a relevant asset do not include a change where the amount brought into account in respect of the change as mentioned in subsection (2)(b) is of a revenue nature.]
Textual Amendments
F1Pt. 10: the existing Pt. 10 renumbered as Pt. 11 (except for ss. 375, 376 which are repealed), the existing ss. 372-374, 377-382 renumbered as ss. 499-507 and a new Pt. 10 (ss. 372-498) inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 1, 10(1)(2)(a)(3) (with Sch. 5 paras. 27, 32-34)