Yn ddilys o 19/07/2006
Derivative contracts: meaning of “fair value” in Schedule 26 to FA 2002U.K.
24(1)Paragraph 54 of Schedule 26 to FA 2002 (interpretation of Schedule) is amended as follows.U.K.
(2)In sub-paragraph (1), in the definition of “fair value”, in paragraphs (a) and (b), omit “in respect of amounts which at that time are not yet due and payable”.
(3)The amendment made by this paragraph has effect in relation to periods of account ending on or after 22nd March 2006.
(4)But, in relation to a period of account beginning before 22nd March 2006, the amendment made by this paragraph has effect only in relation to—
(a)disposals or acquisitions (in whole or in part) of rights or liabilities under a derivative contract, or
(b)anything treated for the purposes of Schedule 26 to FA 2002 as such a disposal or acquisition,
which were made (or treated as made) on or after that date.