Tax on reclassified (‘recycled’) items
On 1 January 2013 an entity purchases for €2,000 an equity security that it classifies as available-for-sale (‘AFS’). At 31 December 2013 it restates the security to its fair value of €2,400, which was also its fair value on 1 May 2014. On 1 July 2014 it disposes of the investment for €2,100.
The entity”s tax rate for 2013 is 40% and for 2014 35%. The change of rate was made in legislation enacted (without previous substantive enactment) on 1 May 2014. The entity is subject to tax on disposal of the investment (based on disposal proceeds less cost) in the period of disposal.
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