Part 15Deduction of income tax at source

Chapter 19General

Supplementary

980Derivative contracts: exception from duties to deduct

(1)

Despite the provisions of this Part, a company is not required to deduct a sum representing income tax from a payment made under a derivative contract to which this section applies.

(2)

This section applies to a derivative contract if profits and losses arising from it are calculated in accordance with F1Part 7 of CTA 2009 .