TIOPA10/S384 and TIOPA10/S387

In calculating the tax-interest amount, debits and credits from certain derivative contracts are included because such contracts often play an important role in how a company is financed.

The legislation makes separate provision for debits (s384) and credits (s387) arising from derivative contracts but these are similar in nature. They broadly define a relevant derivative contract debit or credit as any amount that would be brought into account under the derivative contract provisions, whether by CTA09/PT3 or CTA09/PT5. This is subject, however, to further rules which look at the underlying subject matter of the derivative and exclude certain other amounts.

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