EA 1 Trading stock, livestock, and excepted financial arrangements
Property subject to matching rules

(1)

The matching rules described in this section apply to each of the following kinds of property:

(a)

trading stock valued under subpart EB (Valuation of trading stock (including dealer’s livestock)):

(b)

livestock valued under subpart EC (Valuation of livestock):

(c)

excepted financial arrangements that are revenue account property valued under subpart ED (Valuation of excepted financial arrangements):

(d)

a share supplier’s share-lending right, if the original shares that relate to the right are excepted financial arrangements described in paragraph (c).

Application of section CH 1

(2)

When a person has any of those kinds of property at the end of an income year, its value is income of the person in the income year under section CH 1 (Adjustment for closing values of trading stock, livestock, and excepted financial arrangements).

Application of section DB 49

(3)

When a person has any of those kinds of property at the start of an income year, they are allowed a deduction for its value in the income year under section DB 49 (Adjustment for opening values of trading stock, livestock, and excepted financial arrangements).

Determination of values

(4)

The values are determined under—

(a)

section EB 3 (Valuation of trading stock); and

(b)

section EC 2 (Valuation of livestock); and

(c)

section ED 1 (Valuation of excepted financial arrangements).

Defined in this Act: deduction, excepted financial arrangement, income, income year, original share, pay, revenue account property, share-lending right, share supplier, trading stock

Compare: 2004 No 35 s EA 1