Corporation Tax Act 2009 (c. 4)

Part 7 U.K. Derivative contracts

Chapter 3 U.K. Credits and debits to be brought into account: general

Amounts recognised in determining a company's profit or loss U.K.

[F1 599B Determination of credits and debits where amounts not fully recognised U.K.

(1) In determining the credits and debits which a company is to bring into account for the period referred to in section 599A(1) for the purposes of this Part in respect of the derivative contract mentioned in section 599A(2), the assumption in subsection (2) is to be made.

(2) The assumption is that an amount in respect of the whole of the contract in question is recognised in determining the company's profit or loss for the period.

(3) The credits and debits which are to be brought into account for the purposes of this Part by the company in respect of the contract are to be determined on the basis of fair value accounting.]

Textual Amendments

F1 Ss. 599A, 599B inserted (with effect in accordance with Sch. 30 para. 3(3)(4) of the amending Act) by Finance Act 2009 (c. 10), Sch. 30 para. 3(1)