Section 669 — Corporation Tax Act 2009: Meaning of G and L in sections 667 and 668

Meaning of G and L in sections 667 and 668 669 1 This section applies for the purposes of sections 667 and 668.

2 G is the sum of the credits brought into account under section 574 (non-trading credits and debits to be brought into account under Part 5) in respect of the derivative contract in each relevant accounting period so far as referable, on a just and reasonable apportionment, to the shares acquired as a result of the exercise of rights mentioned in section 667(1)(e) or the delivery mentioned in section 668(1)(d).

3 L is the sum of the debits brought into account under section 574 in respect of the derivative contract in each relevant accounting period, so far as so referable.

4 In this section “ relevant accounting period ” means—

a the accounting period in which the disposal in question is made, or b any previous accounting period.