101 Financial instruments.U.K.
(1)[F1Schedule 26 to the Finance Act 2002 (provisions relating to derivative contracts)] shall not apply to any profit or loss which, [F2in accordance with that Schedule], accrues to a company for any accounting period on [F3a derivative contract] by virtue of which the company is a party to any loan relationship if—
(a)an amount representing that profit or loss, or
(b)an amount representing the profit or loss accruing to that company on that contract,
is brought into account for that period for the purposes of this Chapter.
[F4(1A)This section does not apply where section 94A above applies (treatment of embedded derivatives).]
(2)F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6)F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in s. 101(1) substituted (24.7.2002 with effect as mentioned in s. 83(3)(4) of the amending Act) by Finance Act 2002 (c. 23), s. 83(1), Sch. 27 para. 19(2)(a)
F2Words in s. 101(1) substituted (24.7.2002 with effect as mentioned in s. 83(3)(4) of the amending Act) by Finance Act 2002 (c. 23), s. 83(1), Sch. 27 para. 19(2)(b)
F3Words in s. 101(1) substituted (24.7.2002 with effect as mentioned in s. 83(3)(4) of the amending Act) by Finance Act 2002 (c. 23), s. 83(1), Sch. 27 para. 19(2)(c)
F4S. 101(1A) inserted (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 10 para. 16
F5S. 101(2)-(6) repealed (24.7.2002 with effect as mentioned in s. 83(3)(4) of the repealing Act) by Finance Act 2002 (c. 23), ss. 83(1), 141, Sch. 27 para. 19(3), Sch. 40 Pt. 3(13)
Modifications etc. (not altering text)
C1Pt. 4 Ch. 2 modified (20.7.2005) by Finance (No. 2) Act 2005 (c. 22), Sch. 7 para. 14(5)-(7)