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Corporation Tax Act 2009
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Corporation Tax Act 2009, Section 639 is up to date with all changes known to be in force on or before 24 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Valid from 01/04/2009
639Overview of ChapterU.K.
This section has no associated Explanatory Notes
(1)This Chapter makes provision about cases in which—
(a)credits and debits are not to be brought into account in accordance with section 574 (non-trading credits and debits to be brought into account under Part 5: loan relationships) (see sections 640 and 643 to 650), but
(b)instead profits arising to a company from its derivative contracts are chargeable to corporation tax as chargeable gains (see sections 641 to 650).
(2)This Chapter also makes provision about cases in which—
(a)credits and debits are not to be brought into account in accordance with section 573 (trading credits and debits to be brought into account under Part 3: trading income) or section 574 (non-trading credits and debits to be brought into account under Part 5: loan relationships) (see section 651), but
(b)instead provisions relating to corporation tax on chargeable gains apply in relation to derivative contracts (see sections 652 to 658).
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