Corporation Tax Act 2009
Sections and provisions with full text and the judgments that cite each one.
Section 572 — Profits and losses to be calculated using credits and debits given by this Part
Profits and losses to be calculated using credits and debits given by this Part 572 1 Profits and losses arising to a company from its derivative contracts are to be calculated using the credits and…
Section 573 — Trading credits and debits to be brought into account under Part 3
Trading credits and debits to be brought into account under Part 3 573 1 This section applies so far as in an accounting period a company is a party to a derivative contract for the purposes of a…
Section 574 — Non-trading credits and debits to be brought into account under Part 5
Non-trading credits and debits to be brought into account under Part 5 574 1 This section applies if, for an accounting period, there are credits or debits in respect of the derivative contracts of a…
Section 575 — Overview of Chapter
Overview of Chapter 575 1 This Chapter makes provision about the contracts to which this Part applies. 2 In particular, it— a contains a definition of “derivative contract” (see section 576), b…
Section 576 — “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…
Section 577 — “Relevant contract”
“Relevant contract” 577 1 In this Part “ relevant contract ” means— a an option, b a future, or c a contract for differences. 2 For the meaning of “option”, “future” and “contract for differences”,…
Section 578 — Relevant contracts of a company and being party to such contracts
Relevant contracts of a company and being party to such contracts 578 1 For the purposes of this Part, references to a relevant contract of a company are references to a relevant contract entered…
Section 579 — The accounting conditions
The accounting conditions 579 1 The accounting conditions for any accounting period are that— a the relevant contract is treated for accounting purposes as a derivative, b the relevant contract— i is…
Section 580 — “Option”
“Option” 580 1 In this Part “ option ” includes a warrant. 2 References in this Part to an option do not include a contract whose terms— a provide— i that, after setting off their obligations to each…
Section 581 — “Future”
“Future” 581 1 In this Part “ future ” means a contract for the sale of property under which delivery is to be made— a at a future date agreed when the contract is made, and b at a price so agreed,…
Section 582 — “Contract for differences”
“Contract for differences” 582 1 In this Part “ contract for differences ” means a contract the purpose or pretended purpose of which is to make a profit or avoid a loss by reference to fluctuations…
Section 583 — “Underlying subject matter”
“Underlying subject matter” 583 1 In this Part references to the underlying subject matter of a relevant contract are to be read as follows. 2 The underlying subject matter of an option is— a the…
Section 584 — Hybrid derivatives with embedded derivatives
Hybrid derivatives with embedded derivatives 584 1 This section applies if— a a company is a party to a relevant contract which meets the condition in section 579(1)(b) or (c) (contracts not treated…
Section 585 — Loan relationships with embedded derivatives
Loan relationships with embedded derivatives 585 1 This section applies if in accordance with generally accepted accounting practice a company treats the rights and liabilities under a loan…
Section 586 — Other contracts with embedded derivatives
Other contracts with embedded derivatives 586 1 This section applies if a company— a is a party to a contract which is neither a hybrid derivative nor a loan relationship, and b in accordance with…
Section 587 — Contract relating to holding in OEIC , unit trust or offshore fund
Contract relating to holding in OEIC , unit trust or offshore fund 587 1 This section applies in relation to a relevant contract to which a company is a party in an accounting period if— a it is not…
Section 588 — Associated transaction treated as derivative contract
Associated transaction treated as derivative contract 588 1 This section is to be read as if it were in Chapter 7 (shares with guaranteed returns etc) of Part 6 (relationships treated as loan…
Section 589 — Contracts excluded because of underlying subject matter: general
Contracts excluded because of underlying subject matter: general 589 1 A relevant contract is not a derivative contract for the purposes of this Part if its underlying subject matter— a consists…
Section 590 — Disregard of subordinate or small value underlying subject matter
Disregard of subordinate or small value underlying subject matter 590 1 This section applies in relation to a relevant contract if its underlying subject matter consists only of— a excluded property,…
Section 591 — Conditions A to E mentioned in section 589(5)
Conditions A to E mentioned in section 589(5) 591 1 The following are the conditions mentioned in section 589(5). 2 Condition A is that the relevant contract— a is a plain vanilla contract entered…
Section 592 — Embedded derivatives treated as meeting condition in section 591 etc
Embedded derivatives treated as meeting condition in section 591 etc 592 1 This section applies if for an accounting period— a a company is a party to a hybrid derivative which meets the condition in…
Section 593 — Contracts where part of underlying subject matter is excluded property
Contracts where part of underlying subject matter is excluded property 593 1 This section applies to a relevant contract of a company— a which is an option or future, b which meets any of the…
Section 594 — Overview of Chapter
Overview of Chapter 594 1 This Chapter contains rules of general application about the credits and debits to be brought into account for the purposes of this Part. 2 In particular, it— za makes…
Section 594A — Matters in respect of which amounts are to be brought into account
Matters in respect of which amounts are to be brought into account 594A 1 The matters in respect of which amounts are to be brought into account for the purposes of this Part in respect of a…
Section 595 — General principles about the bringing into account of credits and debits
General principles about the bringing into account of credits and debits 595 1 This Part operates by reference to the accounts of companies and amounts recognised for accounting purposes in those…
Section 596 — Meaning of “related transaction”
Meaning of “related transaction” 596 1 In this Part “ related transaction ”, in relation to a derivative contract, means any disposal or acquisition (in whole or in part) of rights or liabilities…
Section 597 — Amounts recognised in determining a company's profit or loss
Amounts recognised in determining a company's profit or loss 597 1 References in this Part to an amount recognised in determining a company's profit or loss for a period are to an amount that is…
Section 598 — Regulations about recognised amounts
Regulations about recognised amounts 598 1 The Treasury may by regulations make provision— a excluding amounts of a specified description from section 597(1) (amounts recognised in determining a…
Section 599 — Meaning of “amounts recognised for accounting purposes”
Meaning of “amounts recognised for accounting purposes” 599 1 If a company— a draws up accounts which are not GAAP-compliant accounts, or b does not draw up accounts at all, this Part applies as if…
Section 599A — Amounts not fully recognised for accounting purposes: introduction
Amounts not fully recognised for accounting purposes: introduction 599A 1 Section 599B applies for the purpose of determining the credits and debits which a company is to bring into account for a…
Section 599B — Determination of credits and debits where amounts not fully recognised
Determination of credits and debits where amounts not fully recognised 599B 1 In determining the credits and debits which a company is to bring into account for the period referred to in section…
Section 600 — Contract which is or forms part of financial asset or liability
Contract which is or forms part of financial asset or liability 600 1 This section applies to a derivative contract which meets the condition in section 579(1)(b) (contract which is or forms part of…
Section 601 — Contract relating to holding in OEIC, unit trust or offshore fund
Contract relating to holding in OEIC, unit trust or offshore fund 601 1 This section applies if a company is a party in an accounting period to a relevant contract which is treated as a derivative…
Section 602 — Contract becoming one relating to holding in OEIC, unit trust or offshore fund
Contract becoming one relating to holding in OEIC, unit trust or offshore fund 602 1 This section applies if— a a company is a party to a relevant contract in two successive accounting periods, b…
Section 603 — Associated transaction treated as derivative contract
Associated transaction treated as derivative contract 603 1 This section is to be read as if it were in Chapter 7 (shares with guaranteed returns etc) of Part 6 (relationships treated as loan…
Section 604 — Credits and debits treated as relating to capital expenditure
Credits and debits treated as relating to capital expenditure 604 1 This section applies if— a an amount for an accounting period in respect of a company's derivative contract relates to any of the…
Section 604A — Amounts recognised in other comprehensive income and not transferred to profit or loss
Amounts recognised in other comprehensive income and not transferred to profit or loss 604A 1 This section applies if— a in a period of account a derivative contract of a company ceases in accordance…
Section 605 — Credits and debits recognised in equity
Credits and debits recognised in equity 605 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 606 — Exchange gains and losses
Exchange gains and losses 606 1 The reference in section 594A(1) to the profits and losses arising to a company from its derivative contracts includes a reference to exchange gains and losses so…
Section 606A — Arrangements that have a “one-way exchange effect”
Arrangements that have a “one-way exchange effect” 606A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 606B — Meaning of “relevant exchange gain” and “relevant exchange loss”
Meaning of “relevant exchange gain” and “relevant exchange loss” 606B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 606C — Meaning of “test day”
Meaning of “test day” 606C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 606D — Counterfactual currency movement assumptions
Counterfactual currency movement assumptions 606D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 606E — Counterfactual currency movement assumptions: treatment of options
Counterfactual currency movement assumptions: treatment of options 606E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 606F — Meaning of “option”
Meaning of “option” 606F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 606G — Meaning of “relevant contingent contract” and “operative condition”
Meaning of “relevant contingent contract” and “operative condition” 606G . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 606H — Other interpretative provisions
Other interpretative provisions 606H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 607 — Pre-contract or abortive expenses
Pre-contract or abortive expenses 607 1 This section applies if— a a company may enter into a derivative contract or related transaction but has not yet done so, b it incurs any expenses for purposes…
Section 607A — Company is not, or has ceased to be, party to derivative contract
Company is not, or has ceased to be, party to derivative contract 607A 1 This section applies if— a amounts in respect of a qualifying contract are recognised in a company's accounts for an…
Section 607ZA — Debits referable to times before UK property business etc carried on
Debits referable to times before UK property business etc carried on 607ZA 1 This section applies if— a a non-UK resident company has debits in respect of a derivative contract to which it is a party…