C1C2Part 7Derivative contracts

Annotations:
Modifications etc. (not altering text)
C1

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)

C2

Pt. 7 modified (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 88(1)(2)(7) (with s. 147, Sch. 17)

Chapter 3Credits and debits to be brought into account: general

Application of fair value accounting

603Associated transaction treated as derivative contract

1

This section is to be read as if it were in Chapter 7 (shares with guaranteed returns etc) of Part 6 (relationships treated as loan relationships etc).

2

See, in particular, section 532(3) (meaning of “associated transaction”).

3

Subsection (4) applies if credits and debits are required to be brought into account in accordance with this Part in respect of any associated transaction because of section 588 (which treats such a transaction which is not a derivative contract as if it were).

4

Those credits and debits are to be determined on the basis of fair value accounting.