- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
(1)This section applies in relation to a relevant contract to which a company is a party in an accounting period if—
(a)it is not a derivative contract for the purposes of this Part but for this section, and
(b)its underlying subject matter consists wholly or partly of a relevant holding in that period.
(2)This Part has effect—
(a)for that accounting period, and
(b)for any succeeding accounting period in which the relevant contract is a relevant contract of the company,
as if the relevant contract were a derivative contract.
(3)For the purposes of this section, the underlying subject matter of a contract consists wholly or partly of a relevant holding in an accounting period if—
(a)at any time in that period it consists wholly or partly of—
(i)any shares in an open-ended investment company,
(ii)any rights under a unit trust scheme, or
(iii)a material interest in an offshore fund within the meaning of Chapter 3 of Part 6 (see section 489), and
(b)there is a time in the period when that company, scheme or fund fails to meet the qualifying investments test.
(4)In subsection (3) “meeting the qualifying investments test” has the same meaning as in section 493 (the qualifying investments test).
(5)See section 18(2)(c)(ii) of F(No.2)A 2005 (section 17(3): specific powers) for the power to modify the meaning of “relevant holding” for the purposes of this section by regulations under section 17(3) of that Act (regulations about authorised unit trusts and OEICs).
(6)For the way in which credits and debits are to be brought into account where this section applies, see section 601 (application of fair value accounting).
(7)See also—
(a)section 602 (contract becoming one relating to holding in OEIC, unit trust or offshore fund), and
(b)section 660 (company ceasing to be party to contract relating to holding in OEIC, unit trust or offshore fund).
(1)This section is to be read as if it were in Chapter 7 (shares with guaranteed returns etc) of Part 6 (relationships treated as loan relationships etc).
(2)See, in particular—
section 526(2) (meaning of “non-qualifying share”), and
section 532 (meaning of “associated transaction” and “the associated transactions condition”).
(3)Subsection (4) applies in a case which falls within section 523(1)(b)(ii) (loan relationships: non-qualifying shares) because the share mentioned in section 523(1)(a) is a non-qualifying share as a result of the associated transactions condition being met.
(4)An associated transaction is treated for the purposes of this Part as a derivative contract or a transaction in respect of a derivative contract if it is not in fact such a contract or transaction.
(5)For the way in which credits and debits are to be brought into account where subsection (4) applies, see section 603 (application of fair value accounting).
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