C1C2Part 7Derivative contracts
Chapter 3Credits and debits to be brought into account: general
F1Exchange gains and losses
Pt. 7 Ch. 3 crossheading substituted (with effect in accordance with Sch. 21 para. 11 of the commencing Act) by Finance Act 2009 (c. 10), Sch. 21 para. 5
606CF2Meaning of “test day”
1
This section makes provision for the purposes of section 606A as to whether a day in an accounting period of company A is a “test day”.
2
In the case of arrangements that include one or more options, a day in the accounting period is a “test day” if it is—
a
a day on which such an option is exercised,
b
a day on which such an option that is not exercised in the accounting period was capable of being exercised,
c
a day on which company A, or a company connected with company A, ceased to be a party to such an option,
d
a day on which a terms of such an option are varied, or
e
the last day of the accounting period.
3
In the case of arrangements that include one or more relevant contingent contracts, a day in the accounting period is a “test day” if it is—
a
a day on which an operative condition of such a contract is met,
b
a day on which company A, or a company connected with company A, ceased to be a party to such a contract,
c
a day on which a terms of such a contract are varied, or
d
the last day of the accounting period.
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)