Finance Act 2019

Transitional provisions

44 (1) This paragraph applies if—

(a) before 1 January 2015 a company measures a relevant derivative contract at fair value,

(b) on the commencement date the company comes within the charge to corporation tax by reason of this Schedule, and

(c) the first relevant period of the company begins on or after the commencement date.

(2) The company is to be treated for the purposes of regulation 6A of the Disregard Regulations as if it was a new adopter.

(3) In this paragraph—

• “the Disregard Regulations” means the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004 (S.I. 2004/3256), and

• “the first relevant period” and “relevant derivative contract” have the meaning given by regulation 6A(5) of the Disregard Regulations.