Section 980 Derivative contracts: exception from duties to deductC1
United Kingdom
(1)
Despite the provisions of this Part, a company is not required to deduct a sum representing income tax from a payment made under a derivative contract to which this section applies.
(2)
This section applies to a derivative contract if profits and losses arising from it are calculated in accordance with F1Part 7 of CTA 2009 .
Annotations
Textual amendments
- F1
Words in s. 980(2) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 718 (with Sch. 2 Pts. 1, 2)
Modifications
- C1
Pt. 15 modified (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 551(4), 1329(1) (with Pts. 1, 2, Sch. 2 para. 78)