2

For the purposes of this regulation, the costs solely attributable to holding a physical asset include—

a

the costs of managing and maintaining the asset;

b

fees for valuing the asset;

c

the cost of insuring the asset;

d

ground rent, charges, rates, taxes and utilities bills incurred in relation to the asset.

3

In this regulation—

a

“commodity” means any goods of a fungible nature that are capable of being delivered, including metals and their ores and alloys, agricultural products and energy such as electricity, but not including cash or financial instruments (within the meaning of article 3 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 20015);

b

“physical asset” means an asset whose value depends on its physical form, including—

i

land,

ii

buildings and other structures on land or sea,

iii

vehicles, ships, aircraft or rolling stock, and

iv

commodities.