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The Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) (Amendment) Regulations 2014
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- UK Statutory Instruments
- 2014 No. 3188
- Regulation 7
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Derivative contracts
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7.—(1) Immediately before regulation 9A(1), insert the following heading—
“Profits or losses arising from designated cash flow hedges”
(2) In regulation 9A—
(a)in paragraph (1) for sub-paragraph (c) substitute—
“(c)regulation 7, 8 or 9, as the case may be, does not apply in respect of contracts of that type.”, and
(b)for paragraph (3A) substitute—
“(3A) Where a derivative contract becomes a contract in relation to which debits and credits are prescribed by this regulation, or ceases to be such a contract, the amount to be brought into account for the purposes of section 598(1)(b) of CTA 2009 is such amount as is just and reasonable in the circumstances, and with regard to whether as a result of the change any amounts cease to be brought into account or are brought into account more than once.”
(1)
Regulation 9A was inserted by S.I. 2005/3374 and amended by S.I. 2006/3236.
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