C1C2Part 7Derivative contracts
Annotations:
Chapter 1Introduction
How profits and losses from derivative contracts are dealt with
574Non-trading credits and debits to be brought into account under Part 5
1
This section applies if, for an accounting period, there are credits or debits in respect of the derivative contracts of a company which are not brought into account in accordance with section 573.
2
Those credits or debits—
a
are to be treated as non-trading credits or non-trading debits (within the meaning of Part 5 (loan relationships)) for the period, and
b
are accordingly to be brought into account in determining whether the company has non-trading profits or a non-trading deficit from its loan relationships for the period.
3
For cases in which this section does not apply, see—
a
section 616 (disapplication of fair value accounting for certain embedded derivatives), and
b
Chapter 7 (chargeable gains arising in relation to derivative contracts).
Pt. 7 modified (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 601, 1184(1) (with Sch. 2)