SCHEDULES
SCHEDULE 9Taxation provisions relating to nuclear transfer schemes
Part 1Transfers to the NDA or a subsidiary of the NDA
Continuity in relation to derivative contracts
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(1)
This paragraph applies if, in consequence of a section 39 scheme, the NDA or a subsidiary of the NDA replaces a person as a party to a derivative contract.
(2)
F1Part 7 of the Corporation Tax Act 2009 is to have effect in relation to the time when the transfer takes effect and any later time as if—
(a)
the NDA or its subsidiary had been a party to the derivative contract at the time when the transferor became a party to it and at all times since that time; and
(b)
the derivative contract to which the NDA or its subsidiary is a party after the time when the transfer takes effect is the same derivative contract as that to which, by virtue of paragraph (a), it is treated as having been a party before that time.