[F1938OLosses and profits from tax mismatch scheme to be disregardedU.K.
(1)This section applies to a company that is (at any time) a party to a tax mismatch scheme.
(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.]
Textual Amendments
F1Pt. 21BA inserted (with effect in accordance with Sch. 20 para. 6 of the amending Act) by Finance Act 2013 (c. 29), Sch. 20 para. 3