SCHEDULES

SCHEDULE 5Non-UK resident companies carrying on UK property businesses etc

PART 2Supplementary & Consequential amendments

21CTA 2009

1

Section 697 (derivative contracts with non-UK residents: exceptions) is amended as follows.

2

For subsection (2) substitute—

2

Section 696 does not apply if NR—

a

is chargeable to corporation tax or income tax in respect of income arising from the derivative contract (or would be if there were any such income), and

b

is a party to the derivative contract otherwise than as agent or nominee of another person.

3

In subsection (6) omit the definition of “relevant entity” and “, and” immediately before it.