http://www.legislation.gov.uk/ukpga/2020/14/schedule/6/paragraph/8/2021-10-01Finance Act 2020An Act to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance.texttext/xmlenStatute Law Database2024-05-18Expert Participation2021-10-01SCHEDULESSCHEDULE 6Non-UK resident companies carrying on UK property businesses etcPeriod for making election under regulation 6A of the Disregard Regulations8

In regulation 6A of the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004—

(a)

in paragraph (5)(b), after “fair value” insert “ (but see paragraph (6)) ”, and

(b)

at the end insert—(6)

For the purposes of the definition of “the first relevant period” an accounting period of a company is to be ignored if—

(a)

the accounting period begins solely as a result of a disposal of an asset by the company, and

(b)

any gain accruing to the company on the disposal would be chargeable to corporation tax as a result of section 2B(4) of the Taxation of Chargeable Gains Act 1992.

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