BKLM315300 | Chargeable equity and liabilities: determining the assets, equity and liabilities of the UK resident entities

Paragraph 15G of Schedule 19

The starting point for determining the assets, equity and liabilities of a UK resident entity as at the end of the chargeable period is the amount recognised in the entity’s financial statements as prepared under IAS, unless the rules for using consolidated financial statements apply under Paragraph 15J or Paragraph 15K (see BKLM315500).

If financial statements are not prepared under IAS the starting point will be the amounts which would have been recognised had those standards been followed.