Related Commentary  

568(1)  This section applies if–

(a)at all times since the old contract was made the rights conferred by it have been in the beneficial ownership of the relevant company,

(b)the company brings into account credits and debits in respect of the old contract on the basis of fair value accounting, and

(c)the old contract cost exceeds the fair value of the contract immediately before the beginning of the first accounting period.

568(2)  In subsection (1)(c) “the old contract cost” means–

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