Modifications etc. (not altering text)
C1Pt. 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)
C2Pt. 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)
C3Pt. 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))
Textual Amendments
F1Pt. 7 Ch. 3 cross-heading inserted (with effect in accordance with Sch. 21 para. 11 of the amending Act) by Finance Act 2009 (c. 10), Sch. 21 para. 8
(1)This section applies if—
(a)a company may enter into a derivative contract or related transaction but has not yet done so,
(b)it incurs any expenses for purposes connected—
(i)with entering into it, or
(ii)with giving effect to any obligation which might arise under it, and
(c)had the company entered into the contract or transaction, the expenses would be expenses within [F2section 594A(1)(b)].
(2)The expenses are treated as expenses in relation to which debits may be brought into account in accordance with [F3section 595(2)] to the same extent as if the company had entered into the contract or transaction.
Textual Amendments
F2Words in s. 607(1)(c) substituted (with effect in accordance with Sch. 7 Pt. 6 of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 7 para. 70(2)
F3Words in s. 607(2) substituted (with effect in accordance with Sch. 7 Pt. 6 of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 7 para. 70(3)