SCHEDULES
SCHEDULE 5Non-UK resident companies carrying on UK property businesses etc
PART 2Supplementary & Consequential amendments
CTA 2009
21
1
Section 697 (derivative contracts with non-UK residents: exceptions) is amended as follows.
2
For subsection (2) substitute—
2
Section 696 does not apply if NR—
a
is chargeable to corporation tax or income tax in respect of income arising from the derivative contract (or would be if there were any such income), and
b
is a party to the derivative contract otherwise than as agent or nominee of another person.
3
In subsection (6) omit the definition of “relevant entity” and “, and” immediately before it.