SCHEDULES

SCHEDULE 6Non-UK resident companies carrying on UK property businesses etc

Period for making election under regulation 6A of the Disregard Regulations

8

In regulation 6A of the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004—

a

in paragraph (5)(b), after “fair value” insert “ (but see paragraph (6)) ”, and

b

at the end insert—

6

For the purposes of the definition of “the first relevant period” an accounting period of a company is to be ignored if—

a

the accounting period begins solely as a result of a disposal of an asset by the company, and

b

any gain accruing to the company on the disposal would be chargeable to corporation tax as a result of section 2B(4) of the Taxation of Chargeable Gains Act 1992.