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Section 41: Derivative contracts: property total return swaps etc

Finance Act 2013 · 2013 c. 29View on legislation.gov.uk

Part 1: Income Tax, Corporation Tax and Capital Gains Tax — CHAPTER 3: Corporation tax: general

Chapter 7 of Part 7 of CTA 2009 (chargeable gains arising in relation to derivative contracts) is amended as follows.

In section 643 (contracts relating to land or certain tangible movable property)—

in subsection (1), for "and C" substitute , and" , C and D "
after subsection (4) insert—4ACondition D is that no two or more of the parties to the derivative contract are connected persons.

In section 650 (property based total return swaps)—

in subsection (1), for "to F" substitute , and" to H "
after subsection (7) insert—8Condition G is that no two or more of the parties to the derivative contract are connected persons.9Condition H is that the securing of a tax advantage is neither the main purpose, nor one of the main purposes, for which the company is a party to the derivative contract."Tax advantage" has the meaning given by section 1139 of CTA 2010.

In section 659 (meaning of "relevant credits" and "relevant debits"), after subsection (4) insert—

The amendments made by this section have effect in relation to accounting periods beginning on or after 5 December 2012.

But, for the purposes of subsection (5), an accounting period beginning before, and ending on or after, 5 December 2012 is to be treated as if so much of the period as falls before that date, and so much of the period as falls on or after that date, were separate accounting periods.

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Reuse reviewed 21 August 2026 under Open Government Licence v3.0.