SCHEDULES
SCHEDULE 6Non-UK resident companies carrying on UK property businesses etc
Period for making election under regulation 6A of the Disregard Regulations
8
In regulation 6A of the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004—
a
in paragraph (5)(b), after “fair value” insert “
(but see paragraph (6))
”
, and
b
at the end insert—
6
For the purposes of the definition of “the first relevant period” an accounting period of a company is to be ignored if—
a
the accounting period begins solely as a result of a disposal of an asset by the company, and
b
any gain accruing to the company on the disposal would be chargeable to corporation tax as a result of section 2B(4) of the Taxation of Chargeable Gains Act 1992.