Finance Act 2020 (c. 14)

SCHEDULES

SCHEDULE 6 U.K. Non-UK resident companies carrying on UK property businesses etc

Period for making election under regulation 6A of the Disregard Regulations U.K.

8 U.K. In regulation 6A of the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004—

(a) in paragraph (5)(b), after “fair value” insert “ (but see paragraph (6)) ”, and

(b) at the end insert—

“(6) For the purposes of the definition of “the first relevant period” an accounting period of a company is to be ignored if—

(a) the accounting period begins solely as a result of a disposal of an asset by the company, and

(b) any gain accruing to the company on the disposal would be chargeable to corporation tax as a result of section 2B(4) of the Taxation of Chargeable Gains Act 1992.”