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Version Superseded: 18/11/2015
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(1)This section applies for the purposes of section 670.
(2)G is the sum of the amounts of any chargeable gains treated as accruing to the company under section 641(3)(a) (derivative contracts to be taxed on a chargeable gains basis) in respect of the derivative contract in each relevant accounting period, so far as referable, on a just and reasonable apportionment, to the shares acquired as a result of the exercise of rights mentioned in section 670(1)(c).
(3)L is the sum of the amounts of any allowable losses treated as accruing to the company under section 641(3)(b) in respect of the derivative contract in each relevant accounting period, so far as so referable.
(4)CV is the amount by which the carrying value of the host contract at the date on which the option is exercised exceeds the carrying value of that contract at—
(a)the date on which the company became a party to the creditor relationship mentioned in section 645(2), or
(b)(if later) the date on which the derivative contract became one to which section 645 applies.
(5)In this section—
“the host contract” means the loan relationship to which the company is treated as a party under section 415(2) (loan relationships with embedded derivatives) because of the creditor relationship mentioned in section 645(2), and
“relevant accounting period” means—
the accounting period in which the disposal in question is made, or
any previous accounting period.
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