http://www.legislation.gov.uk/ukpga/2009/4/section/622Corporation Tax Act 2009An Act to restate, with minor changes, certain enactments relating to corporation tax; and for connected purposes.texttext/xmlenStatute Law Database2026-04-18Expert Participation2026-04-01 Corporation Tax Act 2009s. 1094(2A)-(2C)Finance Act 2012Sch. 3 para. 13(3)Corporation Tax Act 2009s. 1106(4A)-(4C)Finance Act 2012Sch. 3 para. 14(3)Corporation Tax Act 2009s. 322(2A)(zb)Finance Act 2016s. 73(5)Corporation Tax Act 2009s. 145(6)(e) and wordPlanning (Consequential Provisions) (Wales) Act 2026Deddf Cynllunio (Darpariaethau Canlyniadol) (Cymru) 2026Sch. 2 para. 400(b)Sch. 5 Pt. 1s. 5(2)Corporation Tax Act 2009s. 1058B(5)(ea)Neonatal Care (Leave and Pay) Act 2023Sch. para. 57s. 3(3)reg. 2 Part 7Chapter 46221This section applies if a company is a party to a relevant contract which ceases to be a derivative contract.2The company is treated for the purposes of this Part as if it had disposed of the contract in a related transaction at the relevant time for consideration of an amount equal to the notional carrying value of the contract at that time.3In this section “the relevant time” means the time when the contract ceases to be a derivative contract.4For the purposes of this section, the “notional carrying value” of the contract at the relevant time is the amount which would have been the tax-adjusted carrying value of the contract based on the accounts of the company if a period of account had ended immediately before that time.5See also section 662 (chargeable gains provision for contracts ceasing to be derivative 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))Words in s. 622(4) 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. 78Pt. 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)Pt. 7 modified (for the tax year 2026-27 and subsequent tax years (but in relation to investment management services whenever performed)) by 2005 c. 5, Sch. A1 para. 35(6) (as inserted by Finance Act 2026 (c. 11), s. 58(6), Sch. 11 para. 1)