- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (17/07/2012)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 17/07/2012.
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(1)This section applies where—
(a)a company makes one or more scheme profits in an accounting period in relation to a risk transfer scheme,
(b)disregarding any profits or losses made otherwise than as a result of the scheme, the relevant group makes a pre-tax economic profit in the period as a result of fluctuations in the scheme rate, index or value, and
(c)the amount of the company's losses pool for the scheme as at the beginning of the period is greater than nil.
(2)The company may bring into account, as if it were a loss made in the period from a loan relationship—
where—
A is so much of the amount of the company's losses pool as at the beginning of the period as does not exceed the total of the relevant scheme profits made in the period in relation to the scheme by the company, and
B is the proportion of the total of the relevant scheme profits made in the period in relation to the scheme by the company that consists of profits made from its loan relationships.
(3)The company may bring into account, as if it were a loss made in the period from a derivative contract—
where—
A has the same meaning as in subsection (2), and
C is the proportion of the total of the relevant scheme profits made in the period in relation to the scheme by the company that consists of profits made from its derivative contracts.
(4)A reference in this section to bringing an amount into account is to bringing it into account in determining a debit or credit for the purposes of Part 5 of CTA 2009 (loan relationships) or Part 7 of that Act (derivative contracts).]
Textual Amendments
F1Pt. 21A inserted (with effect in accordance with Sch. 16 para. 5 of the amending Act) by Finance Act 2010 (c. 13), Sch. 16 para. 3
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