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Additional amount treated as income under section 34AA(7) of Act or allowable as deduction under section 34AA(10) of Act due to revenue gain or loss, where financial instrument had not been disposed of

Income Tax (Adjustment for Change of Basis of Computing Profit, Loss or Expense of Financial Instruments resulting from FRS 109 or SFRS(I) 9) Regulations 2020

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—(1) The purpose of this regulation is to determine the additional amount of any other gain, loss or expense in respect of a financial instrument that is treated as income under section 34AA(7) of the Act or allowable as a deduction under section 34AA(10) of the Act (as the case may be), where the financial instrument had not yet been disposed of by the qualifying person on the last day of the basis period for the year of assessment immediately before the year of assessment in which the Comptroller makes the discovery —(a)under section 34AA(7) of the Act, that a gain in respect of the financial instrument ought to have been charged with tax as it is revenue in nature; or (b)under section 34AA(10) of the Act, that a deduction ought to have been allowed for a loss or expense in respect of the financial instrument as it is revenue in nature.(2) The additional amount is computed using the formula specified in the second column of the Third Schedule opposite the description in the first column of that Schedule to which the financial instrument belongs.

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