Key requirements
The page was written around the transition from SOR and SIBOR to SORA, citing 2023 and 2024 discontinuation dates. Where the IASB practical relief is adopted, tax generally follows the relevant accounting treatment within the existing FRS 109 rules. Revenue-account interest and trading swaps differ from capital-account borrowing and hedging. If contracts are rescinded and replaced, the change may constitute refinancing: an unchanged or lower principal generally retains its prior character, while additional borrowing is tested by its own use. Keep amendments, principal reconciliations and the use of extra funds. Historical transition dates on this source should not be read as future events as of October 2026.
Official source
A concise, independent Apex Gateway guide based on the official English source, not a reproduction of the complete document. Consult the original for full conditions, exceptions and subsequent updates.
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