- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (18/11/2015)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 18/11/2015.
Corporation Tax Act 2009, Section 671 is up to date with all changes known to be in force on or before 25 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)This section applies for the purposes of section 670.
(2)G is the sum of the amounts of any chargeable gains treated as accruing to the company under section 641(3)(a) (derivative contracts to be taxed on a chargeable gains basis) in respect of the derivative contract in each relevant accounting period, so far as referable, on a just and reasonable apportionment, to the shares acquired as a result of the exercise of rights mentioned in section 670(1)(c).
(3)L is the sum of the amounts of any allowable losses treated as accruing to the company under section 641(3)(b) in respect of the derivative contract in each relevant accounting period, so far as so referable.
(4)CV is the amount by which the [F1tax-adjusted carrying value] of the host contract at the date on which the option is exercised exceeds the [F1tax-adjusted carrying value] of that contract at—
(a)the date on which the company became a party to the creditor relationship mentioned in section 645(2), or
(b)(if later) the date on which the derivative contract became one to which section 645 applies.
(5)In this section—
“the host contract” means the loan relationship to which the company is treated as a party under section 415(2) (loan relationships with embedded derivatives) because of the creditor relationship mentioned in section 645(2), and
“relevant accounting period” means—
the accounting period in which the disposal in question is made, or
any previous accounting period.
Textual Amendments
F1Words in s. 671(4) substituted (with effect in accordance with Sch. 7 Pt. 6 of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 7 para. 85
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