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Finance Act 2002

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This is the original version (as it was originally enacted).

Qualified exclusion: contract held by company for purposes of trade

5(1)Paragraph 4 does not prevent a relevant contract to which this paragraph applies from being a derivative contract.

(2)This paragraph applies to a relevant contract of a company if—

(a)it is entered into or acquired by the company for the purposes of a trade carried on by it, and

(b)its underlying subject matter consists, or is treated as consisting, wholly of—

(i)shares in a company,

(ii)rights of a unit holder under a unit trust scheme, or

(iii)assets representing a loan relationship to which either section 92 or 93 of the Finance Act 1996 applies.

(3)Paragraph 9 applies for the purpose of determining whether the underlying subject matter of a relevant contract is to be treated as consisting wholly of the property referred to in sub-paragraph (2)(b).

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