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(1)This section applies for the purposes of this Chapter.
(2)In the case of a derivative contract which is not one to which section 650 (property based total return swaps) applies for an accounting period, the relevant credits and debits are the credits and debits which are given in relation to the derivative contract for the accounting period by section 595.
(3)In the case of a derivative contract to which section 650 applies for an accounting period, the relevant credits and debits are the credits and debits which—
(a)are given in relation to the derivative contract for the accounting period by section 595, and
(b)are within subsection (4).
(4)The credits and debits are those found for the period by applying R% to N, where—
N is the amount which is the notional principal amount in the case of the derivative contract, and
R% is the percentage change (if any) in the capital value index over the relevant period.
(5)In subsection (4) “the relevant period” means—
(a)the accounting period, if the company is a party to the derivative contract throughout that period,
(b)in any other case, any part of the accounting period throughout which the company is a party to the derivative contract.
(6)For the meaning of “the capital value index”, see section 650(4).
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