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Finance Act 2002
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- UK Public General Acts
- 2002 c. 23
- SCHEDULE 27
- Paragraph 12
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The Taxes Act 1988
12(1)Section 807A (disposals and acquisitions of company loan relationships with or without interest) is amended as follows.
(2)In subsection (2)(b)(ii) (foreign tax to be disregarded so far as attributable to qualifying payment within Chapter 2 of Part 4 of the Finance Act 1994 relating to a time when a company is not party to a contract)—
(a)for “relevant qualifying payment” substitute “relevant payment”, and
(b)for “the interest rate or currency contract concerned” substitute “the derivative contract concerned”.
(3)In subsection (7) (definitions) insert the following definition at the appropriate place—
““relevant payment” means a payment the amount of which falls to be determined (wholly or mainly) by applying to a notional principal amount specified in a derivative contract, for a period so specified, a rate the value of which at all times is the same as that of a rate of interest so specified;”.
(4)In that subsection, omit the definition of “relevant qualifying payment”.
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