The Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004

[F1 Transfers within groups where no election under regulation 6A U.K.

6D.— (1) This regulation applies if—

(a) one company replaces another as party to a derivative contract in relation to which no election under regulation 6A has effect in circumstances in which section 625 of CTA 2009 applies or would apply but for section 628 of that Act,

(b) the transferee (within the meaning of section 625 of CTA 2009) meets the conditions in regulation 7(1)(a)(i) and (ii), 8(1)(a)(i) and (ii) or 9(1)(a) and (b), as the case may be, in relation to the contract, and

(c) the hedged item in relation to the derivative contract is the same before and after the change of party.

(2) Where this regulation applies, any election made by the transferee under regulation 6A has no effect in relation to the contract.]

Textual Amendments

F1 Regs. 6B-6D substituted for reg. 6B (31.12.2015 with effect in accordance with reg. 1(2) of the amending S.I.) by The Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) (Amendment) Regulations 2015 (S.I. 2015/1961), regs. 1(1), 6