F1Part 21BGroup mismatch schemes

938ALosses and profits from group mismatch schemes to be disregarded

(1)

This section applies to a company that—

(a)

is (at any time) a party to a group mismatch scheme, and

(b)

is a member of the scheme group.

(2)

No scheme loss or profit made by the company in any accounting period in relation to the scheme is to be brought into account as a debit or credit for the purposes of Part 5 of CTA 2009 (loan relationships) or Part 7 of that Act (derivative contracts).

(3)

An amount that would, apart from this section, be brought into account for the purposes of Part 5 or 7 of that Act as respects any matter—

(a)

is treated, for the purposes of section 464(1) or (as the case may be) 699(1) of that Act (priority of Part 5 or 7 for corporation tax purposes) as if it were so brought into account, and

(b)

accordingly, may not be brought into account for any other corporation tax purposes as respects that matter.