- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
36(1)This paragraph applies in relation to a relevant contract to which a company is party in an accounting period if—
(a)it is not a derivative contract for the purposes of this Schedule, and
(b)its underlying subject matter consists wholly or partly of a holding which is, in that period, a relevant holding.
(2)Where this paragraph applies in relation to a relevant contract of a company in an accounting period—
(a)the Corporation Tax Acts shall have effect for that period (and any succeeding accounting period in which the relevant contract is a relevant contract of the company) as if the relevant contract were a derivative contract, and
(b)the accounting method to be used as regards the relevant contract for that period (and any such succeeding period) shall be an authorised mark to market basis of accounting.
(3)For the purposes of this paragraph a person holds a relevant holding in an accounting period if, at any time in that period, he holds—
(a)any rights under a unit trust scheme,
(b)any shares in an open-ended investment company, or
(c)any relevant interests in an offshore fund,
and there is a time in that period when that scheme, company or fund fails to satisfy the non-qualifying investments test.
(4)For the purposes of this paragraph—
(a)“a relevant interest in an offshore fund” has the same meaning as in paragraph 7 of Schedule 10 to the Finance Act 1996 (c. 8), and
(b)a unit trust scheme, open-ended investment company or offshore fund fails to satisfy the non-qualifying investments test if it fails to satisfy the test in paragraph 8 of that Schedule.
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