SCHEDULES
SCHEDULE 7Loan relationships and derivative contracts
PART 2Derivative contracts: amendments of Part 7 of CTA 2009
90
1
Section 690 (derivative contracts for unallowable purposes) is amended as follows.
2
After subsection (3) insert—
3A
If—
a
a credit brought into account for that period for the purposes of this Part by the company would (in the absence of this section) be reduced, and
b
the reduction represents an amount which, if it did not reduce a credit, would be brought into account as a debit in respect of that contract,
subsection (3) applies to the amount of the reduction as if it were an amount that would (in the absence of this section) be brought into account as a debit.
3
In subsection (6), omit the words from “which are” onwards.