619Partnerships involving companiesU.K.
(1)This section applies if—
(a)a trade or business is carried on by a firm,
(b)any of the partners in the firm is a company (a “company partner”), and
(c)the firm is a party to a contract which is a derivative contract or would be a derivative contract if the firm were a company.
(2)No credits or debits may be brought into account in accordance with this Part in respect of the contract in calculating the profits and losses of the trade or business for corporation tax purposes under section 1259 (calculation of firm's profits and losses).
(3)Instead, each company partner must bring into account in accordance with this Part credits and debits in respect of the contract for each of its accounting periods in which the conditions in subsection (1) are met.
(4)Sections 620 (determination of credits and debits by company partners) and 621 (company partners using fair value accounting) contain special rules about the credits and debits to be brought into account under subsection (3).
(5)In sections 620 and 621 “company partner” has the same meaning as in this section.