C3C1C2Part 7Derivative contracts
Pt. 7 modified (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 88(1)(2)(7) (with s. 147, Sch. 17)
Pt. 7 modified by 2007 c. 3, s. 809FZZ(8) (as inserted (with effect in accordance with s. 37(4) of the amending Act) by Finance Act 2016 (c. 24), s. 37(2))
Chapter 2Contracts to which this Part applies
Meaning of “derivative contract” and other basic definitions
578Relevant contracts of a company and being party to such contracts
1
For the purposes of this Part, references to a relevant contract of a company are references to a relevant contract entered into or acquired by the company (but see subsection (3)).
2
For the purposes of this Part, a relevant contract is acquired by a company if the company becomes—
a
entitled to the rights under the relevant contract, and
b
subject to the liabilities under it.
3
For particular cases where companies are treated as parties to relevant contracts, see—
a
section 584 (hybrid derivatives with embedded derivatives),
b
section 585 (loan relationships with embedded derivatives), and
c
section 586 (other contracts with embedded derivatives).
4
References in this Part to a company being a party to a relevant contract are to be read in accordance with this section.
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)