
Print Options
PrintThe Whole
Act
PrintThe Whole
Schedule
PrintThis
Cross Heading
only
Changes over time for: Cross Heading: Computation of UK equivalent profits: derivative contracts


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 01/04/2009
Status:
Point in time view as at 22/07/2004.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2004, Cross Heading: Computation of UK equivalent profits: derivative contracts.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Computation of UK equivalent profits: derivative contractsU.K.
2(1)In paragraph 5(3) of Schedule 27 to the Taxes Act 1988 (offshore funds: assumptions to be made in computing UK equivalent profits), after paragraph (d) (inserted by paragraph 1 above) insert— “and U.K.
(e)that the provisions of the Corporation Tax Acts relating to profits or losses arising from a derivative contract (within the meaning of Schedule 26 to the Finance Act 2002) apply as if the offshore fund were an authorised unit trust.”
(2)Paragraph 35 of Schedule 26 to the Finance Act 2002 (c. 23) (assumptions to be made in relation to derivative contracts) shall cease to have effect.
(3)In relation to a fund established on or before the day on which this Act is passed, this paragraph only has effect if an election that it should have effect has been made by or on behalf of the fund.
(4)Any such election—
(a)must be made by notice to an officer of the Board, in such form and within such time as the Board may determine, and
(b)is irrevocable.
(5)For the purpose of determining the United Kingdom equivalent profits of an offshore fund for the first account period of the fund in relation to which this paragraph has effect—
(a)any profits or losses arising from a derivative contract that were taken into account in determining the United Kingdom equivalent profits of the fund for the preceding account period shall be disregarded, and
(b)any profits or losses arising from a derivative contract that—
(i)arose in, or in respect of, the preceding account period, but
(ii)were not taken into account in determining the United Kingdom equivalent profits of the fund for that period,
shall be taken into account.
(6)In this paragraph—
Back to top