980Derivative contracts: exception from duties to deductU.K.
This section has no associated Explanatory Notes
(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] .
Textual Amendments
F1Words in s. 980(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. 718 (with Sch. 2 Pts. 1, 2)
Modifications etc. (not altering text)
C1Pt. 15 modified (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 551(4), 1329(1) (with Pts. 1, 2, Sch. 2 para. 78)