{
  "url": "https://openlegislation.uk/corporation-tax-act-2009/section-642",
  "json_url": "https://openlegislation.uk/corporation-tax-act-2009/section-642.json",
  "legislation": "ukpga/2009/4",
  "legislation_title": "Corporation Tax Act 2009",
  "legislation_url": "https://openlegislation.uk/corporation-tax-act-2009",
  "path": "section/642",
  "kind": "section",
  "number": "642",
  "heading": "Exception from section 641",
  "text": "(1) Section 641 does not apply to a derivative contract to which section 645 applies if, on the assumptions in subsection (2), paragraph 2 of Schedule 7AC to TCGA 1992 (substantial shareholding exemptions: gain on disposal of asset related to shares not a chargeable gain) would apply to the gain mentioned in subsection (2)(d).\n(2) Those assumptions are that—\n(a) the rights and liabilities treated as comprised in the derivative contract were contained in a separate contract,\n(b) that separate contract was an option,\n(c) that option was disposed of at the end of the accounting period, and\n(d) a gain accrued to the company on the disposal for the purposes of corporation tax on chargeable gains.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2009/4/section/642",
    "retrieved_at": "2026-10-29T09:11:19.560467+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}