- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (17/07/2013)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 17/07/2013.
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(1)This section applies in relation to a company (“A”) if, as a result of any transaction—
(a)A becomes a party to a derivative contract to which a non-UK resident (“NR”) is a party,
(b)NR becomes a party to a derivative contract to which A is a party, or
(c)A and NR both become a party to a derivative contract.
(2)For each accounting period for any part of which A and NR are both a party to a derivative contract which makes provision for notional interest payments, the credits and debits which fall to be brought into account in accordance with this Part in respect of the contract in the case of A do not include the amount of any excluded debit in relation to that contract.
(3)The amount of an excluded debit is calculated by determining for the accounting period the amount (if any) by which—
(a)the sum of any notional interest payments made by A to NR while A and NR are both a party to the contract,
exceeds
(b)the sum of any notional interest payments made by NR to A during that time.
(4)For the purposes of this section, a payment is a notional interest payment if—
(a)a derivative contract specifies—
(i)a notional principal amount,
(ii)a period, and
(iii)a rate of interest,
(b)the amount of the payment is determined (wholly or mainly) by applying a rate to the specified notional principal amount for the specified period, and
(c)the value of the rate is the same at all times as that of the specified rate of interest.
(5)This section is subject to section 697.
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