Finance Act 2019

CTA 2009

20 (1) Section 610 (non-UK resident company ceasing to hold derivative contract for UK permanent establishment) is amended as follows.

(2) In the heading, for “UK permanent establishment” substitute “section 609(2) purposes”.

(3) In subsection (1) for the words from “the purposes” to “United Kingdom” substitute “section 609(2) purposes”.

(4) In subsection (3)(b) for “the purposes of the permanent establishment” substitute “section 609(2) purposes”.

(5) After subsection (4) insert—

“(5) A right or liability ceases to be held or owed for section 609(2) purposes if and in so far as—

(a) it ceases to be held or owed for any purposes mentioned in section 609(2), and

(b) on doing so, it does not begin or continue to be held or owed for any of the other purposes so mentioned.”