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Finance Act 2020

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Changes over time for: Paragraph 8

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Point in time view as at 01/10/2021.

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 2020, Paragraph 8. Help about Changes to Legislation

8U.K.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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