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The Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) (Amendment) Regulations 2009
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- UK Statutory Instruments
- 2009 No. 1886
- Regulation 6
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Insertion of regulation 10A
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6. After regulation 10, insert—
“Bringing exchange gains into account on contracts to which regulation 7A applies
10A.—(1) For the purposes of section 598(1)(c) of the Corporation Tax Act 2009(1) there is an amount to be brought into account which is equivalent to the amount of any exchange gain specified in paragraph (2).
(2) The exchange gain specified is any exchange gain—
(a)arising to a company in relation to a derivative contract to which regulation 7A applies or applied, and
(b)which has been distributed to the shareholders of the company.
(3) The amount to be brought into account by paragraph (1) is to be brought into account for the accounting period in which the distribution is made.”.
(1)
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