This is the original version (as it was originally enacted).
9In section 120 (calculation of profits)—
(a)in paragraph (a) of subsection (4), for “an asset,” substitute “an asset by the exploitation of which tax-exempt business is conducted,”
(b)after that paragraph insert—
“(aa)a derivative contract is hedging in relation to a company if or in so far as it is acquired as a hedge of risk in relation to a liability incurred in connection with tax-exempt business,” and
(c)after that subsection insert—
“(4A)In subsection (4)(a) the reference to an asset includes a reference to—
(a)the value of an asset, and
(b)profits attributable to it.”
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