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Corporation Tax Act 2009
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Corporation Tax Act 2009, Section 643 is up to date with all changes known to be in force on or before 02 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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643Contracts relating to land or certain tangible movable propertyU.K.
This section has no associated Explanatory Notes
(1)This section applies to a derivative contract of a company for an accounting period if conditions A, B [F1, C and D] are met.
(2)Condition A is that the underlying subject matter of the derivative contract consists of either or both of the following—
(a)land,
(b)tangible movable property, other than commodities which are tangible assets.
(3)Condition B is that the company is not a party to the derivative contract at any time in the accounting period for the purposes of a trade carried on by it.
(4)Condition C is that the company is not an excluded body.
[F2(4A)Condition D is that no two or more of the parties to the derivative contract are connected persons.]
(5)For the case where the underlying subject matter of a derivative contract also includes income from property within subsection (2)(a) or (b), see section 644.
Textual Amendments
F1Words in s. 643(1) substituted (with effect in accordance with s. 41(5)(6) of the amending Act) by Finance Act 2013 (c. 29), s. 41(2)(a)
F2S. 643(4A) inserted (with effect in accordance with s. 41(5)(6) of the amending Act) by Finance Act 2013 (c. 29), s. 41(2)(b)
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