Part 21B

Group mismatch schemes

Losses and profits from group mismatch schemes to be disregarded
938A
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.
Pt. 21B inserted (with effect in accordance with Sch. 5 para. 6 of the amending Act) by Finance Act 2011 (c. 11), Sch. 5 para. 2