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44(1)This paragraph applies where—
(a)a company is party to a relevant contract which is a derivative contract by virtue of paragraph 5 (contracts entered into or acquired by a company for the purposes of a trade carried on by it), and
(b)the purposes for which the company entered into or acquired the relevant contract cease at any time (“the relevant time”) to be the company’s purposes in relation to that relevant contract, but
(c)the company continues to be party to the relevant contract after the relevant time.
(2)Where this paragraph applies, the company shall be deemed—
(a)to have disposed of the relevant contract immediately before the relevant time for a consideration of an amount equal to the fair value of the contract at the relevant time, and
(b)to have reacquired it immediately after that time for the same consideration.
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