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The Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004
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- UK Statutory Instruments
- 2004 No. 3256
- Regulation 6C
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There are currently no known outstanding effects for the The Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004, Section 6C.
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[F1Effect of elections on transfers within groups: regulation 9U.K.
This section has no associated Explanatory Memorandum
6C.—(1) This regulation applies if—
(a)one company replaces another as party to a derivative contract in relation to which regulation 9 applies, in circumstances in which section 625 of CTA 2009 applies or would apply but for section 628 of that Act,
(b)the transferee (within the meaning of section 625 of CTA 2009) meets the conditions in regulation 9(1)(a) and (b) in relation to the contract, and
(c)the hedged item in relation to the derivative contract is the same before and after the change of party.
(2) Where this regulation applies—
(a)section 628 does not apply (and accordingly section 625 applies),
(b)regulation 9 applies for the purposes of determining the carrying value of the contract for the purposes of section 702 of CTA 2009 as that regulation applies for the purposes of determining the debits and credits to be brought into account under Part 7 of that Act, and
(c)regulation 9 applies in respect of the contract in relation to the transferee.]
Textual Amendments
F1Regs. 6B-6D substituted for reg. 6B (31.12.2015 with effect in accordance with reg. 1(2) of the amending S.I.) by The Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) (Amendment) Regulations 2015 (S.I. 2015/1961), regs. 1(1), 6
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