Section 570 — Corporation Tax Act 2009: Overview of Part

Overview of Part 570 1 This Part is about how profits and losses arising to a company from its derivative contracts are brought into account for corporation tax purposes.

2 For the meaning of “derivative contract”, see section 576 and the remainder of Chapter 2.

3 For how such profits and losses are calculated and brought into account, see—

a section 572 (profits and losses to be calculated using credits and debits given by this Part),

b section 573 (trading credits and debits to be brought into account under Part 3),

c section 574 (non-trading credits and debits to be brought into account under Part 5),

and d Chapter 7 (chargeable gains arising in relation to derivative contracts).

4 For the priority of this Part for corporation tax purposes, see Chapter 12.

5 This Part also contains the following Chapters (which mainly relate to the amounts to be brought into account in respect of derivative contracts)—

a Chapter 3 (credits and debits to be brought into account: general),

b Chapter 4 (further provision about credits and debits to be brought into account),

c Chapter 5 (continuity of treatment on transfers within groups),

d Chapter 6 (special kinds of company),

e Chapter 8 (further provision about chargeable gains and derivative contracts),

f Chapter 9 (European cross-border transfers of business),

g Chapter 10 (European cross-border mergers),

h Chapter 11 (tax avoidance),

and i Chapter 13 (general and supplementary provisions).

6 See also section 980 of ITA 2007 (payments under derivative contracts excepted from duty to deduct income tax).