SCHEDULE 21 Foreign Exchange: Anti-avoidance
Finance Act 2009 (2009 c 10) | Legislation

SCHEDULE 21 Foreign Exchange: Anti-avoidance

Section 43

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Derivative contracts

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Chapter 3 of Part 7 of CTA 2009 (derivative contracts: credits and debits to be brought into account) is amended as follows.

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For the heading before section 606 (exchange gains and losses) substitute—

“Exchange gains and lossesâ€.

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(1)     Section 606 is amended as follows

(2)     In subsection (3), for paragraph (a) (together with the “and†at the end) substitute—

“(a)     condition A or B is met, andâ€.

(3)     In subsection (4), for the words from “so much†to “currency as†substitute “an exchange gain or loss of a company so far as—

(a)     condition A is met, and

(b)     itâ€.

(4)     After that subsection insert—

“(4A)     Condition A is that the exchange gain or loss arises in

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