Chapter CFM57075
Published date | 16 April 2016 |
Record Number | CFM57075 |
This guidance applies to periods of account starting on or after 1 January 2015.
Overview of regulations 7, 8 and 9There are three separate regulations:
* Regulation 7 (currency contracts)
* Regulation 8 (debt and commodity contracts)
* Regulation 9 (interest rate contracts)
The effect of these regulations is to disregard the fair value movements on the derivative and bring these back into account in line with the hedged risk.
The criteria for all regulations are broadly the same:
* There must be a ‘designated’ or an ‘intended’ hedging relationship
* The hedged item (specifically the risk, or the part of the risk being hedged) must not be taxed on a fair value basis
Mechanics
Regulations 7 and 8 work in a similar way. Fair value movements are disregarded and brought into account in line with regulation 10. See CFM57210+.
Regulation 9 works slightly differently. Fair value movements are still disregarded but amounts are instead brought into account on the...
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