92(1)This paragraph applies in relation to a company if conditions A, B and C are met in relation to a relevant contract.U.K.
(2)Condition A is that the company was a party to the contract both immediately before and on 28 July 2005.
(3)Condition B is that the contract—
(a)was not a derivative contract immediately before that date, but
(b)apart from this paragraph, would have been a derivative contract on that date if an accounting period of the company began on that date.
(4)Condition C is that the contract was a chargeable asset immediately before that date.
(5)The relevant contract is treated for the purposes of Part 7 of this Act as a derivative contract entered into by the company on 28 July 2005 for consideration of an amount equal to the fair value of the contract on that date.
(6)If the company ceases to be a party to the contract, it must bring into account for the accounting period in which it so ceases the amount of any chargeable gain or allowable loss which would have been treated as accruing to it on the assumptions in sub-paragraph (7).
(7)Those assumptions are that—
(a)the company disposed of the contract immediately before 28 July 2005, and
(b)the disposal was for consideration of an amount equal to the fair value of the contract on that date.