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Finance Act 2002

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Changes over time for: Paragraph 45M

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Version Superseded: 01/04/2009

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Treatment of host contract as a loan relationshipU.K.

[F145M.[F2(1)This paragraph applies where for an accounting period—

(a)a company is party to a hybrid derivative contract falling within paragraph 3(1)(b),

(b)the nested derivative is a derivative contract falling within paragraph 3(1)(a),

(c)the underlying subject matter of the derivative contract consists, or is treated as consisting, wholly of—

(i)shares in a company, or

(ii)rights of a unit holder under a unit trust scheme, and

(d)the quasi-derivative host contract is treated for accounting purposes as, or as forming part of, a financial asset.

(2)Where this paragraph applies—

(a)the quasi-derivative host contract shall be treated for the purposes of the Corporation Tax Acts as if it were a creditor relationship of the company, and

(b)the nested derivative shall be treated—

(i)as satisfying the conditions in paragraph 4(2A), and

(ii)as a chargeable asset (within the meaning of paragraph 4A(4)).]

F3(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)Paragraph 9 applies for the purpose of determining whether the underlying subject matter is to be treated as consisting wholly of property referred to in sub-paragraph (1)(c).

F4(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F5(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1Sch. 26 para. 45M inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Finance Act 2002, Schedule 26, Parts 2 and 9 (Amendment) Order 2005 (S.I. 2005/646), arts. 1(1), 18

F2Sch. 26 para. 45M(1)(2) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Finance Act 2002, Schedule 26, (Parts 2 and 9) (Amendment) Order 2006 (S.I. 2006/3269), arts. 1, 27(2)

F3Sch. 26 para. 45M(3) omitted (with effect in accordance with art. 1(4) of the amending S.I.) by virtue of The Finance Act 2002, Schedule 26, Parts 2 and 9 (Amendment No. 2) Order 2005 (S.I. 2005/2082), arts. 1(2), 22(4)

F4Sch. 26 para. 45M(5) omitted (with effect in accordance with art. 1(2) of the amending S.I.) by virtue of The Finance Act 2002, Schedule 26, (Parts 2 and 9) (Amendment) Order 2006 (S.I. 2006/3269), arts. 1, 27(3)

F5Sch. 26 para. 45M(6) omitted (with effect in accordance with art. 1(2) of the amending S.I.) by virtue of The Finance Act 2002, Schedule 26, (Parts 2 and 9) (Amendment) Order 2006 (S.I. 2006/3269), arts. 1, 27(3)

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