Finance Act 1994

147 Qualifying contracts

(1) For the purposes of this Chapter—

(a) an interest rate contract or option, or

(b) a currency contract or option,

is a qualifying contract as regards a qualifying company if the company becomes entitled to rights or subject to duties under the contract or option on or after its commencement day.

(2) Where both immediately before and at the beginning of its commencement day—

(a) a company to which this paragraph applies is entitled to rights or subject to duties under an interest rate contract or option, or

(b) a qualifying company is entitled to rights or subject to duties under a currency contract or option,

for the purposes of this Chapter the company shall be treated as becoming entitled or subject to them at the beginning of that day.

(3) A qualifying company is a company to which paragraph (a) of subsection (2) above applies if its commencement day falls outside the period of twelve months beginning with the appointed day.

(4) For the purposes of this Chapter—

(a) a company’s commencement day is the first day of its first accounting period to begin after the day preceding the appointed day; and

(b) the appointed day is such day as the Treasury may by order appoint.