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Finance Act 2007
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- UK Public General Acts
- 2007 c. 11
- SCHEDULE 17
- Paragraph 9
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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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