Part 7 U.K.Derivative contracts

Modifications etc. (not altering text)

C1 Pt. 7 modified (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 601, 1184(1) (with Sch. 2)

C2 Pt. 7 modified (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 88(1)(2)(7) (with s. 147, Sch. 17)

Chapter 3 U.K.Credits and debits to be brought into account: general

[F1 Exchange gains and losses] U.K.

Textual Amendments

F1 Pt. 7 Ch. 3 crossheading substituted (with effect in accordance with Sch. 21 para. 11 of the commencing Act) by Finance Act 2009 (c. 10), Sch. 21 para. 5

[F2 606GMeaning of “relevant contingent contract” and “operative condition” U.K.

(1) In the Part 7 one-way exchange effect provisions “ relevant contingent contract ” means a contract that meets the following two conditions.

(2) The first condition is that company A, or a company connected with company A (“ the relevant company ”), is a party to the contract.

(3) The second condition is that the contract includes a condition—

(a) on the meeting of which a right or liability under the contract is altered, and

(b) that operates (directly or indirectly) by reference to the exchange rate between the operating currency of the relevant company and another currency.

(4) In this section “ operating currency ” has the same meaning as in section 606D.

(5) In the Part 7 one-way exchange effect provisions “ operative condition ” means a condition of the kind mentioned in subsection (3). ]

Textual Amendments

F2 Ss. 606A-606H inserted (with effect in accordance with Sch. 21 para. 11 of the commencing Act) by Finance Act 2009 (c. 10), Sch. 21 para. 7