HMRC is consulting until 4 November 2016 on the draft Loan Relationships and Derivative Contracts (Change of Accounting Practice) Regulations 2016, which introduce amendments needed to ensure that the changes introduced by F(No. 2)A 2015 Sch 7 will operate as intended for accounting periods commencing on or after 1 January 2016. The amendments will prevent amounts being brought into account more than once under the ten year spreading rules, where those amounts are included within other comprehensive income at the commencement of the new rules in January 2016.
HMRC is consulting until 4 November 2016 on the draft Loan Relationships and Derivative Contracts (Change of Accounting Practice) Regulations 2016, which introduce amendments needed to ensure that the changes introduced by F(No. 2)A 2015 Sch 7 will operate as intended for accounting periods commencing on or after 1 January 2016. The amendments will prevent amounts being brought into account more than once under the ten year spreading rules, where those amounts are included within other comprehensive income at the commencement of the new rules in January 2016.
