BKLM315400 | Chargeable assets and liabilities: determining the UK-based equity and liabilities of UK resident entities

Paragraphs 15H to 15I of Schedule 19

To determine the UK-based equity and liabilities of a UK resident entity as at the end of the chargeable period:

• determine the amount of the entity’s equity and liabilities recognised under IAS, or the amounts that would have been recognised had IAS been followed (see BKLM315300)

• adjust that amount in accordance with paragraph 15N (see BKLM315600).

For groups, this applies to a chargeable UK resident entity (see BKLM315140), other than a designated FPE entity (see BKLM315200). It also applies if the UK resident entity is a bank or building society that is not a member of a group, other than for a designated FPE entity.

For designated FPE entities instead apply the adjustments at steps 1 to 5 in paragraph 15Z1 (see BKLM315700).