Prescribed amount of gain or loss on disposal of equity instrument on revenue account measured at fair value through other comprehensive income
5.—(1)  For the purpose of section 34AA(3)(i) of the Act, the prescribed amount of gain or loss to a qualifying person on the disposal of an equity instrument on revenue account of the qualifying person that is measured at fair value through other comprehensive income is —
(a)the net amount of gains or losses in respect of the equity instrument recognised (in accordance with FRS 109 or SFRS(I) 9) in the period between the date of acquisition of the equity instrument and the date of its disposal (both dates inclusive) in a reserve account of the statement of changes in equity in the qualifying person’s financial statements for that period; or
(b)if it is not possible to determine the amount in sub‑paragraph (a), an amount determined by the formula P – A + D, where —
(i)P is the consideration received or receivable by the qualifying person from the disposal of the equity instrument;
(ii)A is the value of the equity instrument recognised (in accordance with FRS 109 or SFRS(I) 9) on the date of initial application in the qualifying person’s balance sheet for the basis period for the initial year of assessment; and
(iii)D is —
(A)where the net amount of gains or losses (before any deduction for tax is made in accordance with FRS 12 or SFRS(I) 1‑12) in respect of the equity instrument recognised (in accordance with FRS 109 or SFRS(I) 9) on the date of initial application in a reserve account of the statement of changes in equity in the qualifying person’s financial statements for the basis period for the initial year of assessment is a loss — the amount of the loss expressed as a negative value; or
(B)where the net amount of gains or losses (before any deduction for tax is made in accordance with FRS 12 or SFRS(I) 1‑12) in respect of the equity instrument recognised (in accordance with FRS 109 or SFRS(I) 9) on the date of initial application in a reserve account of the statement of changes in equity in the qualifying person’s financial statements for the basis period for the initial year of assessment is a gain — the amount of the gain expressed as a positive value.
(2)  Where the amount determined in paragraph (1)(b) is a positive value, that amount is the prescribed gain mentioned in paragraph (1).
(3)  Where the amount determined in paragraph (1)(b) is a negative value, that amount is the prescribed loss mentioned in paragraph (1).
(4)  [Deleted by S 392/2020 wef 22/05/2020]