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The Finance Act 2002, Schedule 26, Parts 2 and 9 (Amendment) Order 2004
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- 2004 No. 2201
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
This Order amends Parts 2, 8, 9 and 10 of Schedule 26 (derivative contracts) to the Finance Act 2002 (c. 23).
Article 1 provides for the citation, commencement and effect of the Order.
Article 2 introduces the amendments to Part 2 which are made by articles 3 to 13.
Article 14 introduces the amendments to Part 9 which are made by articles 15 to 17.
Articles 18 and 19 contain consequential amendments to Parts 8 and 10 respectively.
The effect of the amendments to Part 9 of Schedule 26 is to clarify the tax treatment of certain types of derivative contracts by excluding certain profits and losses from the charge to corporation tax as income and providing for them to be charged to corporation tax as chargeable gains. The changes apply to derivative contracts whose underlying subject matter is or includes land and to derivative contracts which are deemed to exist as a result of section 94A of the Finance Act 1996 (c. 8) (as inserted by paragraph 13 of Schedule 10 to the Finance Act 2004 (c. 12)), which provides for the accounting treatment applicable to loan relationships to be followed for tax purposes by separating the instrument into a debt component and a derivatives component.
This Order does not impose any new costs on business.
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