C1Part 7Derivative contracts
Chapter 7Chargeable gains arising in relation to derivative contracts
Introduction
639Overview of Chapter
1
This Chapter makes provision about cases in which—
a
credits and debits are not to be brought into account in accordance with section 574 (non-trading credits and debits to be brought into account under Part 5: loan relationships) (see sections 640 and 643 to 650), but
b
instead profits arising to a company from its derivative contracts are chargeable to corporation tax as chargeable gains (see sections 641 to 650).
2
This Chapter also makes provision about cases in which—
a
credits and debits are not to be brought into account in accordance with section 573 (trading credits and debits to be brought into account under Part 3: trading income) or section 574 (non-trading credits and debits to be brought into account under Part 5: loan relationships) (see section 651), but
b
instead provisions relating to corporation tax on chargeable gains apply in relation to derivative contracts (see sections 652 to 658).
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)