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Energy Act 2004, Paragraph 12 is up to date with all changes known to be in force on or before 25 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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12(1)This paragraph applies if, in consequence of a section 39 scheme, the NDA or a subsidiary of the NDA replaces a person as a party to a derivative contract.U.K.
(2)[F1Part 7 of the Corporation Tax Act 2009] is to have effect in relation to the time when the transfer takes effect and any later time as if—
(a)the NDA or its subsidiary had been a party to the derivative contract at the time when the transferor became a party to it and at all times since that time; and
(b)the derivative contract to which the NDA or its subsidiary is a party after the time when the transfer takes effect is the same derivative contract as that to which, by virtue of paragraph (a), it is treated as having been a party before that time.
(3)Expressions used in this paragraph and in [F2Part 7 of the Corporation Tax Act 2009] have the same meanings in this paragraph as in [F3that Part].
Textual Amendments
F1Words in Sch. 9 para. 12(2) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 586(3)(a) (with Sch. 2 Pts. 1, 2)
F2Words in Sch. 9 para. 12(3) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 586(3)(b)(i) (with Sch. 2 Pts. 1, 2)
F3Words in Sch. 9 para. 12(3) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 586(3)(b)(ii) (with Sch. 2 Pts. 1, 2)
Commencement Information
I1Sch. 9 para. 12 in force at 5.10.2004 by S.I. 2004/2575, art. 2(1), Sch. 1
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