In calculating its reportable income for a period, a reporting fund must adjust its starting point for that period (see ¶783-370) in respect of the following special classes of income. As noted below, amendments were made to these rules by the Offshore Funds (Tax) (Amendment) Regulations 2011 (SI 2011/1211) with effect from 27 May 2011.

Effective interest income or comparable amounts

An adjustment is required where the accounting practice used does not include (the Offshore Funds (Tax) Regulations 2009 (SI 2009/3001), reg. 66):

the effective interest method for computing interest income, as described in IAS 39 and equivalent UK financial reporting standards; or

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