# Corporation Tax Act 2009, Section 650: Property based total return swaps

Extent: E+W+S+N.I.

(1) This section applies to a derivative contract of a company for an accounting period if each of conditions A to H is met.
(2) Condition A is that the derivative contract is a contract for differences.
(3) Condition B is that one or more indices are specified in the contract.
(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.
(5) Condition D is that the underlying subject matter of the derivative contract also includes interest rates.
(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.
(7) Condition F is that the company is not an excluded body.
(8) Condition G is that no two or more of the parties to the derivative contract are connected persons.
(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.
“Tax advantage” has the meaning given by section 1139 of CTA 2010.

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Source: https://www.legislation.gov.uk/ukpga/2009/4/section/650 (the official version)
Page: https://openlegislation.uk/corporation-tax-act-2009/section-650
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.