SCHEDULES

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

PART 3Commencement and transitional provisions

44Transitional provisions

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.