- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
(1)This section deals with the credits and debits which are to be brought into account in accordance with this Part as a result of Schedule 28AA to ICTA (provision not at arm’s length) applying in relation to a company’s derivative contracts or related transactions.
(2)Subsection (3) applies if under Schedule 28AA to ICTA an amount (“the imputed amount”) is treated as an amount of profits or losses arising to a company from any of its derivative contracts or related transactions.
(3)Credits or debits relating to the imputed amount are to be brought into account in accordance with this Part to the same extent as they would be in the case of an actual amount of such profits or losses.
(4)Subsection (5) applies if under Schedule 28AA to ICTA an amount is treated as expenses incurred by a company under or for the purposes of any of its derivative contracts or related transactions.
(5)Debits relating to the amount are to be brought into account in accordance with this Part to the same extent as they would be in the case of an actual amount of such expenses.
(1)Subsections (2) to (7) apply if—
(a)a company is a party to a derivative contract in an accounting period, and
(b)an exchange gain or exchange loss arises to the company for the accounting period from the contract.
(2)Subsection (3) applies if as a result of Schedule 28AA to ICTA (provision not at arm’s length) the company’s profits and losses are calculated for tax purposes as if it were not a party to the contract.
(3)Any exchange gains or losses which arise to the company from the contract for the accounting period are left out of account in determining the credits and debits to be brought into account in accordance with this Part.
(4)Subsection (5) applies if as a result of Schedule 28AA to ICTA the company’s profits and losses are calculated for tax purposes as if the terms of the contract were those which would have been agreed by the company and the other party to the contract had they been dealing at arm’s length (“the arm’s length terms”).
(5)The credits and debits which are to be brought into account in accordance with this Part in the case of the company are to be determined on the assumption that the amount of any exchange gain or loss arising to the company from the contract in the accounting period is the adjusted amount.
(6)In subsection (5), the “adjusted amount” means the amount of an exchange gain or loss which would have arisen from the contract if its terms were the arm’s length terms.
(7)That amount may be nil.
(8)Nothing in Schedule 28AA to ICTA requires the amounts brought into account in accordance with this Part in respect of exchange gains and losses from derivative contracts to be calculated on the assumption that the arm’s length provision had been made instead of the actual provision.
(9)But subsection (8) does not affect the application of—
(a)subsection (3) under subsection (2), or
(b)subsection (5) under subsection (4).
(10)In subsection (8) “the actual provision” and “the arm’s length provision” have the same meaning as in Schedule 28AA to ICTA (see paragraph 1 of that Schedule).
(1)This section applies if—
(a)a company (“A”) paid an amount (“amount X”) to a company (“B”) for the grant of an option,
(b)there is a failure to exercise in full all the rights under the option,
(c)until the failure the option was a derivative contract of A,
(d)as a result of the failure there is a transfer of value by A to B,
(e)B is a connected company in relation to A, and
(f)B is not chargeable to corporation tax in accordance with this Part in respect of the derivative contract.
(2)A must bring into account a credit of the appropriate amount in respect of the derivative contract for the accounting period in which the option expired or would have expired if none of the rights under it had been exercised.
(3)If the option expired, “the appropriate amount” means amount X.
(4)If any rights under the option were exercised (in whole or in part), “the appropriate amount” means amount X less so much of it as is referable, on a just and reasonable basis, to the rights which have been so exercised.
(5)In determining for the purposes of subsection (1)(d) whether there is a transfer of value, the assumption in subsection (6) is made.
(6)That assumption is that if there had not been a connection between A and B—
(a)all the rights under the option would have been exercised in full, and
(b)all of those rights would have been exercised on the latest date on which they were exercisable.
(7)In this section “option” is to be construed as if section 580(2) and (3) (meaning of “option”) were omitted.
(8)For the purposes of this section, B is a connected company in relation to A in an accounting period if there is a time in the period when—
(a)A controls B,
(b)B controls A, or
(c)A and B are both controlled by the same person.
(9)But A and B are not taken to be controlled by the same person just because they have been under the control of—
(a)a Minister of the Crown,
(b)a government department,
(c)a Northern Ireland department,
(d)a foreign sovereign power, or
(e)an international organisation.
(10)Section 472 (meaning of “control”) applies for the purposes of this section.
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