[F14C.(1)This paragraph applies to a company if the conditions in sub-paragraph (2) are satisfied in relation to a relevant contract to which it becomes a party on or after 28th July 2005.U.K.
(2)The conditions are that (apart from this paragraph) the relevant contract—
(a)is not a derivative contract on the date on which the company becomes a party to it, but
(b)would be a derivative contract on that date, if an accounting period of the company began on that date, and
(c)is a chargeable asset when the company becomes a party to it.
(3)The relevant contract shall be treated for the purposes of this Schedule as a derivative contract on and after that date.
(4)Sub-paragraph (4) of paragraph 4A (meaning of chargeable asset) also applies for the purposes of this paragraph.]
Textual Amendments
F1Sch. 26 paras. 4B, 4C inserted (with effect in accordance with art. 1(5)(b) of the amending S.I.) by The Finance Act 2002, Schedule 26, Parts 2 and 9 (Amendment No. 2) Order 2005 (S.I. 2005/2082), arts. 1(5)(a), 6