Source: http://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/544
Timestamp: 2020-01-18 22:35:29
Document Index: 272221670

Matched Legal Cases: ['art 7', 'art 4', 'art 5', 'art 4', 'art 5', 'art 4', 'art 5', 'art 7']

Finance Act 2002 (c....
Paragraph 544
Changes over time for: Section 544
Changes and effects yet to be applied to Schedule 1 Paragraph 544:
544(1)Schedule 28 (derivative contracts: transitional provisions etc) is amended as follows.U.K.
(2)Omit paragraph 1 (anti-avoidance: change of accounting period).
(3)After paragraph 2(4) (qualifying contracts to which company ceases to be party before commencement day) insert—
“(4A)In relation to a subsequent accounting period ending on or after 1 April 2009, the reference in sub-paragraph (4) to Schedule 26 is to be read as a reference to Part 7 of the Corporation Tax Act 2009.”
(4)Omit paragraph 3 (qualifying contracts which become derivative contracts).
(5)After paragraph 4(7) (contracts which became derivative contracts: chargeable assets) insert—
“(7A)In relation to an accounting period ending on or after 1 April 2009, the reference in sub-paragraph (7) to Chapter 2 of Part 4 of the Finance Act 1996 is to be read as a reference to Part 5 of the Corporation Tax Act 2009.”
(6)After paragraph 5(9) (contracts: election to treat as two assets) insert—
“(9A)In relation to an accounting period ending on or after 1 April 2009, the reference in sub-paragraph (9) to Chapter 2 of Part 4 of the Finance Act 1996 is to be read as a reference to Part 5 of the Corporation Tax Act 2009.”
(7)After paragraph 6(8) (contracts which become derivative contracts: contracts within Schedule 5AA to ICTA) insert—
“(8A)In relation to an accounting period ending on or after 1 April 2009—
(a)the reference in sub-paragraph (7) to paragraph 14(3) of Schedule 26 is to be read as a reference to section 574 of the Corporation Tax Act 2009,
(b)the reference in that sub-paragraph to Chapter 2 of Part 4 of the Finance Act 1996 is to be read as a reference to Part 5 of the Corporation Tax Act 2009, and
(c)the references in sub-paragraph (8) to Schedule 26 are to be read as references to Part 7 of the Corporation Tax Act 2009.”