Source: http://www.legislation.gov.uk/ukpga/2009/4/part/7/chapter/7
Timestamp: 2020-01-28 11:31:39
Document Index: 217165946

Matched Legal Cases: ['art 7', 'art 3', 'art 3', 'art 5', 'art 3', 'art 5']

Changes and effects yet to be applied to Part 7 Chapter 7:
Chapter 7U.K.Chargeable gains arising in relation to derivative contracts
Some derivative contracts to be taxed on a chargeable gains basisU.K.
641Derivative contracts to be taxed on a chargeable gains basisU.K.
(1)This section applies to a derivative contract of a company for an accounting period if any of the provisions in subsection (2) applies to the derivative contract for the period.
642Exception from section 641U.K.
(1)Section 641 does not apply to a derivative contract to which section 645 applies if, on the assumptions in subsection (2), paragraph 2 of Schedule 7AC to TCGA 1992 (substantial shareholding exemptions: gain on disposal of asset related to shares not a chargeable gain) would apply to the gain mentioned in subsection (2)(d).
Derivative contracts to which sections 640 and 641 applyU.K.
643Contracts relating to land or certain tangible movable propertyU.K.
(1)This section applies to a derivative contract of a company for an accounting period if conditions A, B [F1, C and D] are met.
[F2(4A)Condition D is that no two or more of the parties to the derivative contract are connected persons.]
F1Words in s. 643(1) substituted (with effect in accordance with s. 41(5)(6) of the amending Act) by Finance Act 2013 (c. 29), s. 41(2)(a)
F2S. 643(4A) inserted (with effect in accordance with s. 41(5)(6) of the amending Act) by Finance Act 2013 (c. 29), s. 41(2)(b)
644Income to be left out of account in determining whether section 643 appliesU.K.
(1)This section applies if the underlying subject matter of a derivative contract includes income from property within section 643(2)(a) or (b).
646Exclusions from section 645U.K.
(1)Section 645 does not apply to a derivative contract of a company for an accounting period if condition A or B is met in the period.
648Creditor relationships: embedded derivatives which are exactly tracking contracts for differencesU.K.
(1)This section applies to a derivative contract of a company for an accounting period if each of conditions A to F is met.
649Meaning of certain expressions in section 648U.K.
(1)This section applies for the purposes of section 648.
650Property based total return swapsU.K.
(1)This section applies to a derivative contract of a company for an accounting period if each of conditions A [F3to H] is met.
[F4(8)Condition G is that no two or more of the parties to the derivative contract are connected persons.
“Tax advantage” has the meaning given by section 1139 of CTA 2010.]
F3Words in s. 650(1) substituted (with effect in accordance with s. 41(5)(6) of the amending Act) by Finance Act 2013 (c. 29), s. 41(3)(a)
F4S. 650(7)(8) inserted (with effect in accordance with s. 41(5)(6) of the amending Act) by Finance Act 2013 (c. 29), s. 41(3)(b)
Some credits and debits not to be brought into account under Part 3 or 5U.K.
651Credits and debits not to be brought into account under Part 3 or Part 5U.K.
(1)If the provisions in subsection (2)(a) or (b) apply to a derivative contract for an accounting period, sections 573 (trading credits and debits to be brought into account under Part 3: trading income) and 574 (non-trading credits and debits to be brought into account under Part 5: loan relationships) do not apply to the relevant credits and debits.
Issuers of securities with embedded derivatives: deemed contracts for differencesU.K.
657Meaning of “exactly tracking contract” in section 656U.K.
(1)This section applies for the purposes of section 656.
658Chargeable gain or allowable loss treated as accruingU.K.
[F5(4A)But if the derivative contract has effect such that the return arising from the contract, so far as calculated by reference to that index, is calculated by reference to a percentage (“the capped percentage”) which is closer to zero than the full percentage change in that index over that period (or which is zero even though there has been a change in that index), for the purposes of subsection (4) R% is the capped percentage.]
F5S. 659(4A) inserted (with effect in accordance with s. 41(5)(6) of the amending Act) by Finance Act 2013 (c. 29), s. 41(4)