# Corporation Tax Act 2009, Paragraph 544


(1) Schedule 28 (derivative contracts: transitional provisions etc) is amended as follows.
(2) Omit paragraph 1 (anti-avoidance: change of accounting period).
(3) After paragraph 2(4) (qualifying contracts to which company ceases to be party before commencement day) insert—
“(4A) In relation to a subsequent accounting period ending on or after 1 April 2009, the reference in sub-paragraph (4) to Schedule 26 is to be read as a reference to Part 7 of the Corporation Tax Act 2009.”
(4) Omit paragraph 3 (qualifying contracts which become derivative contracts).
(5) After paragraph 4(7) (contracts which became derivative contracts: chargeable assets) insert—
“(7A) In relation to an accounting period ending on or after 1 April 2009, the reference in sub-paragraph (7) to Chapter 2 of Part 4 of the Finance Act 1996 is to be read as a reference to Part 5 of the Corporation Tax Act 2009.”
(6) After paragraph 5(9) (contracts: election to treat as two assets) insert—
“(9A) In relation to an accounting period ending on or after 1 April 2009, the reference in sub-paragraph (9) to Chapter 2 of Part 4 of the Finance Act 1996 is to be read as a reference to Part 5 of the Corporation Tax Act 2009.”
(7) After paragraph 6(8) (contracts which become derivative contracts: contracts within Schedule 5AA to ICTA) insert—
“(8A) In relation to an accounting period ending on or after 1 April 2009—
(a) the reference in sub-paragraph (7) to paragraph 14(3) of Schedule 26 is to be read as a reference to section 574 of the Corporation Tax Act 2009,
(b) the reference in that sub-paragraph to Chapter 2 of Part 4 of the Finance Act 1996 is to be read as a reference to Part 5 of the Corporation Tax Act 2009, and
(c) the references in sub-paragraph (8) to Schedule 26 are to be read as references to Part 7 of the Corporation Tax Act 2009.”

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Source: https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/544 (the official version)
Page: https://openlegislation.uk/corporation-tax-act-2009/schedule-1/paragraph-544
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.