Modifications etc. (not altering text)
C1Sch. 26 modified by 1996 c. 8, s. 86(3C) (as inserted (24.7.2002 with effect as mentioned in s. 82(2) of the amending Act) by 2002 c. 23, s. 82, Sch. 25 Pt. 1 para. 6(3))
C2Sch. 26 extended (retrospective to 30.9.2002) by Finance Act 2003 (c. 14), s. 177(4)(8)(11)
C3Sch. 26 applied by 1988 c. 1, s. 440(2B) (as amended (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 10 para. 70)
C4Sch. 26 modified by 1996 c. 8, s. 94A (as inserted (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 10 para. 13)
[F145G.(1)This paragraph applies to a derivative contract of a company for an accounting period if the following conditions are satisfied—
(a)the derivative contract is a contract for differences,
(b)one or more indices are designated in the contract,
(c)at least one index so designated (the “capital value index”) is an index of changes in the value of land (wherever situated),
(d)the underlying subject matter of the derivative contract also includes interest rates.
(2)In any such case, the relevant credits and debits for the purposes of paragraph 45A(3)(b) are those which—
(a)are given in relation to the derivative contract for the accounting period by paragraph 15, and
(b)fall within sub-paragraph (3).
(3)The credits and debits are those found for the period by applying R% to N, where—
N is the amount which is the notional principal amount in the case of the derivative contract;
R% is the percentage change (if any) in the capital value index over the relevant period.
(4)In sub-paragraph (3) “the relevant period” means—
(a)the accounting period, if the company is party to the derivative contract throughout that period;
(b)in any other case, any part of the accounting period throughout which the company is party to the derivative contract.]
Textual Amendments
F1Sch. 26 paras. 45A-45I inserted (with effect in accordance with art. 1(2)(3)(4) of the amending S.I.) by The Finance Act 2002, Schedule 26, Parts 2 and 9 (Amendment) Order 2004 (S.I. 2004/2201), arts. 1(1), 15