Section 576 — Corporation Tax Act 2009: “Derivative contract”

“Derivative contract” 576 1 For the purposes of this Part, a contract of a company is a derivative contract of the company for an accounting period if it—

a is a relevant contract (see sections 577 and 578),

b meets any of the accounting conditions for the accounting period (see section 579),

and c is not prevented from being a derivative contract by section 589 (contracts excluded because of underlying subject matter: general) or any other provision of the Corporation Tax Acts.

2 See also sections 587 and 588 (other contracts etc treated as derivative contracts).

3 But note section 701 which includes power to amend the provisions of this Chapter relating to the meaning of “derivative contract”.