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Financial assets and liabilities other than available-for-sale assets

Income Tax (Adjustment on Change of Basis of Computing Profits of Financial Instruments) Regulations 2007

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If there is a difference between the value of any financial asset (other than an available-for-sale asset) or liability as reflected in the balance-sheet of a qualifying person at the end of the basis period of the year of assessment immediately preceding the relevant year of assessment of the qualifying person, and ––(a)the value of such financial asset or liability as reflected in the balance-sheet at the beginning of the basis period of the relevant year of assessment; or(b)the value that is recognised for tax purposes as the value of such financial asset or liability at the end of the basis period of the year of assessment immediately preceding the relevant year of assessment,a corresponding amount shall be brought into account as a positive or negative adjustment (as the case may be) at the beginning of the basis period of the relevant year of assessment; and such adjustment which is not of a capital nature shall be taxed or allowed as a deduction (as the case may be) for the relevant year of assessment.

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