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Corporation Tax Act 2009
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Corporation Tax Act 2009, Section 652 is up to date with all changes known to be in force on or before 08 November 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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652Introduction to sections 653 to 655U.K.
This section has no associated Explanatory Notes
(1)Sections 653 to 655 apply to a derivative contract of a company for an accounting period if each of conditions A to E is met.
(2)Condition A is that the derivative contract is a relevant contract to which the company is treated as a party under section 585(2) (loan relationships with embedded derivatives) because of a debtor relationship of the company.
(3)Condition B is that the derivative contract is treated as an option by section 585(3) (contract treated as option, future or contract for differences).
(4)Condition C is that the underlying subject matter of the derivative contract is shares.
(5)Condition D is that at the time when the company became a party to the debtor relationship—
(a)it was not carrying on a banking business or a business as a securities house, or
(b)if it was carrying on such a business, it did not become a party to the debtor relationship in the ordinary course of that business.
(6)Condition E is that the company is not an excluded body.
(7)In this section “option” is to be construed as if section 580(2) and (3) (meaning of “option”) were omitted.
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