Section 627 — Corporation Tax Act 2009: Meaning of company replacing another as party to derivative contract

Meaning of company replacing another as party to derivative contract 627 1 References in this Chapter to one company (“A”) replacing another company (“B”) as a party to a derivative contract include references to A becoming a party to a derivative contract which—

a confers rights within subsection (2),

b imposes liabilities within subsection (2), or c both confers such rights and imposes such liabilities.

2 Rights or liabilities are within this subsection if they are equivalent to those of B under a derivative contract to which B has previously ceased to be a party.