# Finance Act 2020, Paragraph 8


In regulation 6A of the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004—
(a) in paragraph (5)(b), after “fair value” insert “ (but see paragraph (6)) ”, and
(b) at the end insert—
“(6) For the purposes of the definition of “the first relevant period” an accounting period of a company is to be ignored if—
(a) the accounting period begins solely as a result of a disposal of an asset by the company, and
(b) any gain accruing to the company on the disposal would be chargeable to corporation tax as a result of section 2B(4) of the Taxation of Chargeable Gains Act 1992.”

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Source: https://www.legislation.gov.uk/ukpga/2020/14/schedule/6/paragraph/8 (the official version)
Page: https://openlegislation.uk/finance-act-2020/schedule-6/paragraph-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.