{
  "url": "https://openlegislation.uk/corporation-tax-act-2009/section-650",
  "json_url": "https://openlegislation.uk/corporation-tax-act-2009/section-650.json",
  "legislation": "ukpga/2009/4",
  "legislation_title": "Corporation Tax Act 2009",
  "legislation_url": "https://openlegislation.uk/corporation-tax-act-2009",
  "path": "section/650",
  "kind": "section",
  "number": "650",
  "heading": "Property based total return swaps",
  "text": "(1) This section applies to a derivative contract of a company for an accounting period if each of conditions A to H is met.\n(2) Condition A is that the derivative contract is a contract for differences.\n(3) Condition B is that one or more indices are specified in the contract.\n(4) Condition C is that at least one index so specified (“the capital value index”) is an index of changes in the value of land.\n(5) Condition D is that the underlying subject matter of the derivative contract also includes interest rates.\n(6) Condition E is that the company is not a party to the derivative contract at any time in the accounting period for the purposes of a trade carried on by it.\n(7) Condition F is that the company is not an excluded body.\n(8) Condition G is that no two or more of the parties to the derivative contract are connected persons.\n(9) Condition H is that the securing of a tax advantage is neither the main purpose, nor one of the main purposes, for which the company is a party to the derivative contract.\n“Tax advantage” has the meaning given by section 1139 of CTA 2010.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 650(1) substituted (with effect in accordance with s. 41(5)(6) of the amending Act) by Finance Act 2013 (c. 29), s. 41(3)(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "S. 650(7)(8) inserted (with effect in accordance with s. 41(5)(6) of the amending Act) by Finance Act 2013 (c. 29), s. 41(3)(b)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2009/4/section/650",
    "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."
}