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The Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) (Amendment) Regulations 2013
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- UK Statutory Instruments
- 2013 No. 2781
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004 which allow certain profits and losses from loan relationships and derivative contracts to be left out of account, to be brought into account in a different way or to be brought into account at a later date.
Regulation 1 provides for citation, commencement and effect.
Regulation 2 inserts definitions of “Additional Tier 1 instrument” and “deferred shares”.
Regulation 3 amends regulation 3(5) (exchange gains or losses arising from liabilities or assets hedging shares) and regulation 4(4A) (exchange gains or losses arising from derivative contracts hedging shares etc) to extend the matching provisions to deferred shares issued by building societies and Additional Tier 1 instrument to the extent that they are accounted for as equity instruments in accordance with generally accepted accounting practice.
A Tax Information and Impact Note covering this instrument will be published on the HMRC website at http://www.hmrc.gov.uk/thelibrary/tiins.htm .
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