Part 5U.K.Special provision for [F1release of liability]
Textual Amendments
F1Words in Sch. 26 Pt. 5 heading substituted (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 10 para. 52
Modifications etc. (not altering text)
C1Sch. 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)
C2Sch. 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)
[F2Release of liability under derivative contract ]U.K.
22F3(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F3(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F3(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F3(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)Where—
(a)in the case of a derivative contract of a company, a liability owed by the company to pay an amount under the contract is released, F4...
F4(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
no credit in respect of the release shall be required to be brought into account in the case of the company if the release is part of a relevant arrangement or compromise (within the meaning given by section 74(2) of the Taxes Act 1988).
Textual Amendments
F2Sch. 26 para. 22 heading substituted (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 10 para. 53(2)
F3Sch. 26 para. 22(1)-(4) repealed (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 10 para. 53(3), Sch. 42 Pt. 2(6)
F4Sch. 26 para. 22(5)(b) and preceding word repealed (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 10 para. 53(4), Sch. 42 Pt. 2(6)