Section 938O Losses and profits from tax mismatch scheme to be disregardedF1

(1)

This section applies to a company that is (at any time) a party to a tax mismatch scheme.

(2)

No scheme loss or profit made by the company in any accounting period in relation to the scheme is to be brought into account as a debit or credit for the purposes of Part 5 of CTA 2009 (loan relationships) or Part 7 of that Act (derivative contracts).

(3)

An amount that would, apart from this section, be brought into account for the purposes of Part 5 or 7 of that Act as respects any matter—

(a)

is treated, for the purposes of section 464(1) or (as the case may be) 699(1) of that Act (priority of Part 5 or 7 for corporation tax purposes), as if it were so brought into account, and

(b)

accordingly, may not be brought into account for any other corporation tax purposes as respects that matter.

Annotations

Textual amendments

F1: Pt. 21BA inserted (with effect in accordance with Sch. 20 para. 6 of the amending Act) by Finance Act 2013 (c. 29), Sch. 20 para. 3