Related Commentary  Related HMRC Manuals

700(1)  This section applies if–

(a)a company is a party to a loan relationship because of a derivative contract, and

(b)in accordance with this Part, a profit or loss accrues to the company on the contract for an accounting period (“the derivative profit or loss”).

700(2)  The general rule is that this Part does not apply to the derivative profit or loss if–

(a)an amount representing the derivative profit or loss, or

(b)an amount representing the profit or loss accruing to that company on the contract,

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