SCHEDULES

SCHEDULE 1Minor and consequential amendments

Part 2Other enactments

Finance Act 2002 (c. 23)

544

(1)

Schedule 28 (derivative contracts: transitional provisions etc) is amended as follows.

(2)

Omit paragraph 1 (anti-avoidance: change of accounting period).

(3)

After paragraph 2(4) (qualifying contracts to which company ceases to be party before commencement day) insert—

“(4A)

In relation to a subsequent accounting period ending on or after 1 April 2009, the reference in sub-paragraph (4) to Schedule 26 is to be read as a reference to Part 7 of the Corporation Tax Act 2009.”

(4)

Omit paragraph 3 (qualifying contracts which become derivative contracts).

(5)

After paragraph 4(7) (contracts which became derivative contracts: chargeable assets) insert—

“(7A)

In relation to an accounting period ending on or after 1 April 2009, the reference in sub-paragraph (7) to Chapter 2 of Part 4 of the Finance Act 1996 is to be read as a reference to Part 5 of the Corporation Tax Act 2009.”

(6)

After paragraph 5(9) (contracts: election to treat as two assets) insert—

“(9A)

In relation to an accounting period ending on or after 1 April 2009, the reference in sub-paragraph (9) to Chapter 2 of Part 4 of the Finance Act 1996 is to be read as a reference to Part 5 of the Corporation Tax Act 2009.”

(7)

After paragraph 6(8) (contracts which become derivative contracts: contracts within Schedule 5AA to ICTA) insert—

“(8A)

In relation to an accounting period ending on or after 1 April 2009—

(a)

the reference in sub-paragraph (7) to paragraph 14(3) of Schedule 26 is to be read as a reference to section 574 of the Corporation Tax Act 2009,

(b)

the reference in that sub-paragraph to Chapter 2 of Part 4 of the Finance Act 1996 is to be read as a reference to Part 5 of the Corporation Tax Act 2009, and

(c)

the references in sub-paragraph (8) to Schedule 26 are to be read as references to Part 7 of the Corporation Tax Act 2009.”