– see also Financial instruments (pre-October 2002); Commodity and financial futures; Financial instruments; Options

Abortive expenses

Legislation/Regulatory – CTA2009 s. 607
HMRC Guidance – CFM51090

Accounting

Conditions

Commentary – Tax Reporter ¶719-550
HMRC Guidance – CFM13130 ; CFM25060 ; CFM25070 ; CFM50330 ; CFM50350 ; CFM50540 ; CFM50580 ; CFM52580
Case Law – HSBC Life (UK) Ltd v Stubbs (HMIT); Nationwide Life Ltd v Crisp (HMIT); Abbey Life Assurance Co Ltd v Colclough (HMIT); TSB Life Ltd v Colclough (HMIT); Lloyds TSB Life Assurance Co Ltd v Colclough (HMIT)

Disregard Regulations

Commentary – Tax Reporter ¶719-600
HMRC Guidance – CFM51050 ; CFM51090

Embedded derivatives

Commentary – Tax Reporter ¶719-550
HMRC Guidance – CFM13130 ; CFM25060 ; CFM25070 ; CFM50330 ; CFM50350 ; CFM50540 ; CFM50580 ; CFM52580
Case Law – HSBC Life (UK) Ltd v Stubbs (HMIT); Nationwide Life Ltd v Crisp (HMIT); Abbey Life Assurance Co Ltd v Colclough (HMIT); TSB Life Ltd v Colclough (HMIT); Lloyds TSB Life Assurance Co Ltd v Colclough (HMIT)

Exchange gains

Commentary – Tax Reporter ¶719-600
HMRC Guidance – CFM51050 ; CFM51090

Expenses

Commentary – Tax Reporter ¶719-600
HMRC Guidance – CFM51050 ; CFM51090

Mandatory fair value accounting

Commentary – Tax Reporter ¶719-600
HMRC Guidance – CFM51050 ; CFM51090

Not complying with GAAP

Commentary – Tax Reporter ¶719-600
HMRC Guidance – CFM51050 ; CFM51090

Property and embedded derivatives

Commentary – Tax Reporter ¶719-600
HMRC Guidance – CFM51050 ; CFM51090

Records

Commentary – Tax Reporter ¶719-600
HMRC Guidance – CFM51050 ; CFM51090

Related transactions

Commentary – Tax Reporter ¶719-600
HMRC Guidance – CFM51050 ; CFM51090

Transitional adjustments

Commentary – Tax Reporter ¶719-600
HMRC Guidance – CFM51050 ; CFM51090

Treatment

Commentary – Tax Reporter ¶719-600
HMRC Guidance – CFM51050 ; CFM51090

Accounting debit fairly represents loss from

Case Law – Union Castle Mail Steamship Company Ltd [2016] TC 05275

Accounting standards

Accounting period

Legislation/Regulatory – CTA2009 s. 579
HMRC Guidance – CFM50070 ; CFM50210 ; CFM50220 ; CFM50230 ; CFM50250 ; CFM50270 ; CFM50280 ; CFM50310 ; CFM50320 ; CFM50360 ; CFM50400 ; CFM50410 ; CFM50420 ; CFM50510 ; CFM50750 ; CFM50800 ; CFM50860 ; CFM52020 ; CFM52510 ; CFM52550 ; CFM55410

Adjustments on change of accounting policy

Legislation/Regulatory – CTA2009 s. 612-615

Amounts not fully recognised for accounting purposes

Legislation/Regulatory – CTA2009 s. 599A, 599B ; FA2009 Sch. 30, para. 3(3), (4)

Associated operations

Legislation/Regulatory – CTA2009 s. 603
HMRC Guidance – CFM52020

Capital expenditure

Legislation/Regulatory – CTA2009 s. 604

Change in

Legislation/Regulatory – CTA2009 s. 701A

Change of accounting practice

Legislation/Regulatory – SI 2004/3271

Derecognition

Legislation/Regulatory – CTA2009 s. 599A, 599B, 698A ; FA2009 Sch. 30, para. 3(3), (4)

Equity or shareholder's funds

Legislation/Regulatory – CTA2009 s. 605
HMRC Guidance – CFM52050

Fair value accounting

Legislation/Regulatory – CTA2009 s. 600-603
HMRC Guidance – CFM52020

Financial asset or liability, contract is or forms part of

Legislation/Regulatory – CTA2009 s. 600

Offshore funds

Legislation/Regulatory – CTA2009 s. 601, 602
HMRC Guidance – CFM52020 ; CFM54040

Open-ended investment company

Legislation/Regulatory – CTA2009 s. 601, 602

Relevant contracts

Legislation/Regulatory – CTA2009 s. 579

Unit trusts

Legislation/Regulatory – CTA2009 s. 601, 602

Aircraft, disregard and bringing into account profits and losses

Legislation/Regulatory – SI 2004/3256

Anti-avoidance provisions

Commentary – Tax Reporter ¶719-900
HMRC Guidance – CFM56090

Associated transactions

Legislation/Regulatory – CTA2009 s. 588, 603
HMRC Guidance – CFM45260 ; CFM50210 ; CFM52020

Authorised investment funds

Commentary – Tax Reporter ¶720-050 ; Tax Reporter ¶782-070
Legislation/Regulatory – IRInt. 265

Bad debts and released amounts

Commentary – Tax Reporter ¶719-800

Becoming

Commentary – Tax Reporter ¶719-550
HMRC Guidance – CFM13130 ; CFM25060 ; CFM25070 ; CFM50330 ; CFM50350 ; CFM50540 ; CFM50580 ; CFM52580
Case Law – HSBC Life (UK) Ltd v Stubbs (HMIT); Nationwide Life Ltd v Crisp (HMIT); Abbey Life Assurance Co Ltd v Colclough (HMIT); TSB Life Ltd v Colclough (HMIT); Lloyds TSB Life Assurance Co Ltd v Colclough (HMIT)

Capital amount

Commentary – Tax Reporter ¶228-080

Capital treatment

Commentary – Tax Reporter ¶720-200
HMRC Guidance – CFM55080 ; CFM55120 ; CFM55210 ; CFM55220 ; CFM55290

Capitalised expenditure

Commentary – Tax Reporter ¶719-950
HMRC Guidance – CFM52040

Carrying value, meaning

Legislation/Regulatory – CTA2009 s. 702
HMRC Guidance – CFM53070 ; CFM53080 ; CFM57380 ; CFM76040

Ceasing to be

Commentary – Tax Reporter ¶719-550
HMRC Guidance – CFM13130 ; CFM25060 ; CFM25070 ; CFM50330 ; CFM50350 ; CFM50540 ; CFM50580 ; CFM52580
Case Law – HSBC Life (UK) Ltd v Stubbs (HMIT); Nationwide Life Ltd v Crisp (HMIT); Abbey Life Assurance Co Ltd v Colclough (HMIT); TSB Life Ltd v Colclough (HMIT); Lloyds TSB Life Assurance Co Ltd v Colclough (HMIT)

Ceasing to be party to

Legislation/Regulatory – CTA2009 s. 608
HMRC Guidance – CFM76050

Ceasing to be UK resident

Legislation/Regulatory – CTA2009 s. 609
HMRC Guidance – CFM53100 ; CFM53110 ; CTM34130

Change of accounting practice

Legislation/Regulatory – SI 2004/3271

Charge to tax

Commentary – Tax Reporter ¶719-600
HMRC Guidance – CFM51050 ; CFM51090

Chargeable gains

Commentary – Tax Reporter ¶720-200
HMRC Guidance – CFM55080 ; CFM55120 ; CFM55210 ; CFM55220 ; CFM55290

Chargeable gains and losses, tax mitigation scheme

Case Law – Explainaway Ltd & Ors v Revenue and Customs Commissioners. [2012] BTC 1,736

Chargeable gains/allowable loss

Accruing, treated as

Legislation/Regulatory – CTA2009 s. 658
HMRC Guidance – CFM55410 ; CFM55500 ; CFM91070

Acquisition costs of shares

Legislation/Regulatory – CTA2009 s. 667-669
HMRC Guidance – CFM55020 ; CFM55130

Carry back of net losses

Legislation/Regulatory – CTA2009 s. 663, 664
HMRC Guidance – CFM55020 ; CFM55040

Chargeable asset, meaning

Legislation/Regulatory – CTA2009 s. 703
HMRC Guidance – CFM50820

Contract becoming a derivative contract

Legislation/Regulatory – CTA2009 s. 661, Sch. 2, para. 89
HMRC Guidance – CFM50820 ; CFM50830

Contract ceasing to be derivative contract

Legislation/Regulatory – CTA2009 s. 662
HMRC Guidance – CFM50820 ; CFM50840 ; CIRD11175

Credits and debits not to be brought into account

Legislation/Regulatory – CTA2009 s. 640

Deemed contracts for differences

Legislation/Regulatory – CTA2009 s. 656-658, Sch. 2, para. 88

Deemed options

Legislation/Regulatory – CTA2009 s. 653-655
HMRC Guidance – CFM55420 ; CFM55430 ; CFM55440 ; CFM55460 ; CFM55510 ; CFM55540

Embedded derivatives, disposals

Legislation/Regulatory – CTA2009 s. 672, 673

Embedded derivatives, equity instruments

Legislation/Regulatory – CTA2009 s. 665, 666, Sch. 2, para. 90
HMRC Guidance – CFM55410 ; CFM55510 ; CFM55530

Exactly tracking contract, embedded derivatives

Legislation/Regulatory – CTA2009 s. 641, 648, 649, 663, 672, 673
HMRC Guidance – CFM55030 ; CFM55050 ; CFM55060 ; CFM55070 ; CFM55080 ; CFM55110 ; CFM55230 ; CFM55270 ; CFM55290 ; CFM55310 ; CFM55480 ; CFM83160

Exercise of option

Legislation/Regulatory – CTA2009 s. 670, 671
HMRC Guidance – CFM55230 ; CFM55270 ; CFM55280

Generally

Legislation/Regulatory – CTA2009 s. 639

Land

Legislation/Regulatory – CTA2009 s. 641, 643, 644 ; FA2013 s. 41
HMRC Guidance – CFM50570 ; CFM55080 ; CFM55090

Offshore funds

Legislation/Regulatory – CTA2009 s. 660
HMRC Guidance – CFM52020 ; CFM54040

Open-ended investment companies

Legislation/Regulatory – CTA2009 s. 660

Options, embedded derivatives

Legislation/Regulatory – CTA2009 s. 641, 642, 645-647
HMRC Guidance – CFM50350 ; CFM50510 ; CFM55230 ; CFM55240 ; CFM55250 ; CFM55290

Property based total return swaps

Legislation/Regulatory – CTA2009 s. 641, 650 ; FA2013 s. 41(3)
HMRC Guidance – CFM55030 ; CFM55100 ; CFM55120

Relevant credits and relevant debits, meaning

Legislation/Regulatory – CTA2009 s. 659 ; FA2013 s. 41(4)

Tangible movable property

Legislation/Regulatory – CTA2009 s. 641, 643, 644 ; FA2013 s. 41

Unit trusts

Legislation/Regulatory – CTA2009 s. 660

Collective investment schemes

Offshore funds

Legislation/Regulatory – FA2004 Sch. 26, para. 2

Company ceasing to be resident in UK

Commentary – Tax Reporter ¶719-850

Connected companies

Commentary – Tax Reporter ¶720-000

Contract for differences, meaning

Legislation/Regulatory – CTA2009 s. 583
HMRC Guidance – CFM1107 ; CFM50520 ; CFM50540 ; CFM50550 ; CFM50560 ; CFM50570 ; CFM50590 ; CFM50860

Creditor relationship, meaning

Legislation/Regulatory – CTA2009 s. 704

Credits and debits brought into account

Abortive expenditure

Legislation/Regulatory – CTA2009 s. 607

Adjustments on change of accounting policy

Legislation/Regulatory – CTA2009 s. 612-615

Amounts recognised in determining profit or loss

Legislation/Regulatory – CTA2009 s. 597-599
HMRC Guidance – CFM37680 ; CFM51040 ; CFM51050 ; CFM51070 ; CFM51080 ; CFM52030 ; CFM52050 ; CFM56116 ; CFM57280 ; CFM61160 ; CFM76010 ; CFM76020 ; CFM76030 ; GREIT04005

Capital expenditure

Legislation/Regulatory – CTA2009 s. 604

Ceasing to be party to

Legislation/Regulatory – CTA2009 s. 608

Ceasing to be UK resident

Legislation/Regulatory – CTA2009 s. 609

Contract ceasing to be derivative contracts

Legislation/Regulatory – CTA2009 s. 622, Sch. 2, para. 95
HMRC Guidance – CFM50740 ; CFM50820 ; CFM50830 ; CFM50840

Embedded derivatives

Legislation/Regulatory – CTA2009 s. 616-618, 623
HMRC Guidance – CFM50430 ; CFM52520 ; CFM52530 ; CFM52550 ; CFM52560 ; CFM52570 ; CFM52590 ; CFM76100

Equity or shareholder's funds

Legislation/Regulatory – CTA2009 s. 605

Exchange gains and losses

– see Foreign exchange gains and losses

Fair value accounting

Legislation/Regulatory – CTA2009 s. 600-603

General principles

Legislation/Regulatory – CTA2009 s. 595
HMRC Guidance – CFM50050 ; CFM51040 ; CFM51050 ; CFM51090 ; CFM52050 ; CFM55300 ; CFM57010 ; CFM57130 ; CFM57220 ; CFM57420 ; CFM76020

Generally

Legislation/Regulatory – CTA2009 s. 573, 594
HMRC Guidance – CFM51020 ; CFM51030 ; CFM57100 ; CFM77650 ; CIRD220130

Indexed-linked gilt-edged securities with embedded contracts for differences

Legislation/Regulatory – CTA2009 s. 623

Insolvency arrangements

Legislation/Regulatory – CTA2009 s. 611
HMRC Guidance – CFM52060

Non-UK resident ceasing to hold

Legislation/Regulatory – CTA2009 s. 610
HMRC Guidance – CFM53100

Partnerships

Legislation/Regulatory – CTA2009 s. 619-621
HMRC Guidance – CFM52710 ; CFM52720 ; CFM52730 ; CFM61020

Pre-contract expenditure

Legislation/Regulatory – CTA2009 s. 607

Related transaction, meaning

Legislation/Regulatory – CTA2009 s. 596
HMRC Guidance – CFM50050 ; CFM51040 ; CFM53020

Debits and credits to be brought into account

Commentary – Quick Overview ¶26000

Debtor relationship, meaning

Legislation/Regulatory – CTA2009 s. 704

Deduction of tax at source, exception

Legislation/Regulatory – ITA2007 s. 980

Definitions

Legislation/Regulatory – CTA2009 s. 702-710
HMRC Guidance – CFM50340 ; CFM50400 ; CFM50720 ; CFM50730 ; CFM52020 ; INTM269072

Derecognition

Commentary – Tax Reporter ¶719-900
HMRC Guidance – CFM56090

Derecognition of financial asset

Case Law – Union Castle Mail Steamship Company Ltd [2016] TC 05275 ; Union Castle Mail Steamship Company Ltd v Revenue and Customs Commissioners [2018] BTC 526

Determining underlying subject matter

Commentary – Tax Reporter ¶719-550
HMRC Guidance – CFM13130 ; CFM25060 ; CFM25070 ; CFM50330 ; CFM50350 ; CFM50540 ; CFM50580 ; CFM52580
Case Law – HSBC Life (UK) Ltd v Stubbs (HMIT); Nationwide Life Ltd v Crisp (HMIT); Abbey Life Assurance Co Ltd v Colclough (HMIT); TSB Life Ltd v Colclough (HMIT); Lloyds TSB Life Assurance Co Ltd v Colclough (HMIT)

Disregard and bringing into account profits and losses

Commodity contracts or debt contracts, fair value profits or losses

Legislation/Regulatory – SI 2004/3256 reg. 8

Currency and commodity contracts, fair value profits or losses

Legislation/Regulatory – SI 2004/3256 reg. 10

Currency contracts, fair value profits or losses

Legislation/Regulatory – SI 2004/3256 reg. 7

Exchange gains and losses arising from liabilities or assets hedging shares, ships or aircraft

Legislation/Regulatory – SI 2004/3256 reg. 3-5

Fair value profits and losses

Legislation/Regulatory – HMRCBrf 22/07 ; SI 2004/3256 reg. 6-10

Interest rate contracts, fair value profits or losses

Legislation/Regulatory – SI 2004/3256 reg. 9

Relevant time, meaning

Legislation/Regulatory – SI 2004/3256 reg. 4B

Relevant value, meaning

Legislation/Regulatory – SI 2004/3256 reg. 4A

Review period

Legislation/Regulatory – SI 2004/3256 reg. 4C

Disregard credits and debits

Commentary – Tax Reporter ¶720-250
HMRC Guidance – CFM57010 ; CFM57240 ; CFM57450

Distinction between options, futures and contracts for differences

Commentary – Tax Reporter ¶719-550
HMRC Guidance – CFM13130 ; CFM25060 ; CFM25070 ; CFM50330 ; CFM50350 ; CFM50540 ; CFM50580 ; CFM52580
Case Law – HSBC Life (UK) Ltd v Stubbs (HMIT); Nationwide Life Ltd v Crisp (HMIT); Abbey Life Assurance Co Ltd v Colclough (HMIT); TSB Life Ltd v Colclough (HMIT); Lloyds TSB Life Assurance Co Ltd v Colclough (HMIT)

Double taxation relief

Cross-border transfers and mergers

Legislation/Regulatory – TIOPA2010 s. 116-121

Disregard of foreign tax

Legislation/Regulatory – TIOPA2010 s. 107

Hedging relationship, limits on/reduction of credit relief

Legislation/Regulatory – TIOPA2010 s. 46

Embedded derivatives

Accounting treatment

Commentary – Tax Reporter ¶719-550
HMRC Guidance – CFM13130 ; CFM25060 ; CFM25070 ; CFM50330 ; CFM50350 ; CFM50540 ; CFM50580 ; CFM52580
Case Law – HSBC Life (UK) Ltd v Stubbs (HMIT); Nationwide Life Ltd v Crisp (HMIT); Abbey Life Assurance Co Ltd v Colclough (HMIT); TSB Life Ltd v Colclough (HMIT); Lloyds TSB Life Assurance Co Ltd v Colclough (HMIT)

Capital treatment

Commentary – Tax Reporter ¶720-200
HMRC Guidance – CFM55080 ; CFM55120 ; CFM55210 ; CFM55220 ; CFM55290

Chargeable gains

Commentary – Tax Reporter ¶720-200
Legislation/Regulatory – CTA2009 s. 641, 645, 648, 665, 666
HMRC Guidance – CFM55080 ; CFM55120 ; CFM55210 ; CFM55220 ; CFM55290

Creditor relationships

Legislation/Regulatory – CTA2009 s. 645-649, Sch. 2, para. 82, 85, 86

Deemed contracts for differences

Legislation/Regulatory – CTA2009 s. 656-658

Deemed options

Legislation/Regulatory – CTA2009 s. 652-655, Sch. 2, para. 94
HMRC Guidance – CFM50350 ; CFM55540

Disapplication of fair value accounting

Legislation/Regulatory – CTA2009 s. 616-618

Exclusions

Legislation/Regulatory – CTA2009 s. 592
HMRC Guidance – CFM52530 ; CFM52550 ; CFM52580 ; CFM54020

Generally

Commentary – Tax Reporter ¶719-550
HMRC Guidance – CFM13130 ; CFM25060 ; CFM25070 ; CFM50330 ; CFM50350 ; CFM50540 ; CFM50580 ; CFM52580
Case Law – HSBC Life (UK) Ltd v Stubbs (HMIT); Nationwide Life Ltd v Crisp (HMIT); Abbey Life Assurance Co Ltd v Colclough (HMIT); TSB Life Ltd v Colclough (HMIT); Lloyds TSB Life Assurance Co Ltd v Colclough (HMIT)

Groups of companies, fair value accounting

Legislation/Regulatory – CTA2009 s. 617
HMRC Guidance – CFM50430 ; CFM52550 ; CFM52560

Index-linked gilt-edged securities

Legislation/Regulatory – CTA2009 s. 623

Loan relationships

Legislation/Regulatory – CTA2009 s. 415-419, 585
HMRC Guidance – CFM34050 ; CFM37660 ; CFM37670 ; CFM37680 ; CFM37690 ; CFM37700 ; CFM37720 ; CFM37770 ; CFM50310 ; CFM50400 ; CFM50420 ; CFM50760 ; CFM50810 ; CFM52590 ; CFM53070 ; CFM54020 ; CFM55060 ; CFM55210 ; CFM55220 ; CFM55250 ; CFM55290 ; CFM55410 ; CFM55420 ; CFM55470 ; CFM55520 ; CFM55540 ; CFM76080 ; CFM82010 ; CFM91040 ; CFM91070 ; INTM248500

Other contracts

Legislation/Regulatory – CTA2009 s. 586
HMRC Guidance – CFM50310 ; CFM50430 ; CFM52520

Entry conditions

Commentary – Tax Reporter ¶719-550
HMRC Guidance – CFM13130 ; CFM25060 ; CFM25070 ; CFM50330 ; CFM50350 ; CFM50540 ; CFM50580 ; CFM52580
Case Law – HSBC Life (UK) Ltd v Stubbs (HMIT); Nationwide Life Ltd v Crisp (HMIT); Abbey Life Assurance Co Ltd v Colclough (HMIT); TSB Life Ltd v Colclough (HMIT); Lloyds TSB Life Assurance Co Ltd v Colclough (HMIT)

European co-operative society (SCE)

Commentary – Tax Reporter ¶772-120

European company (SE)

Commentary – Tax Reporter ¶772-120

European cross-border mergers

Clearances

Legislation/Regulatory – CTA2009 s. 686

Company, meaning

Legislation/Regulatory – CTA2009 s. 688

Generally

Legislation/Regulatory – CTA2009 s. 682

Notional carrying value

Legislation/Regulatory – CTA2009 s. 684, 685

Tax avoidance

Legislation/Regulatory – CTA2009 s. 686

Transferee and transferor, meaning

Legislation/Regulatory – CTA2009 s. 683

Transparent entities

Legislation/Regulatory – CTA2009 s. 687

European cross-border mergers and transfers

Commentary – Tax Reporter ¶720-000

European cross-border transfers

Clearance procedures

Legislation/Regulatory – CTA2009 s. 678, 679

Company, meaning

Legislation/Regulatory – CTA2009 s. 681

Generally

Legislation/Regulatory – CTA2009 s. 674
HMRC Guidance – CFM53120

Notional carrying value

Legislation/Regulatory – CTA2009 s. 675, 676

Tax avoidance cases

Legislation/Regulatory – CTA2009 s. 677-679

Transparent entities

Legislation/Regulatory – CTA2009 s. 680
HMRC Guidance – CFM53120

Exchange gains and losses

– see Foreign exchange gains and losses

Excluded body, meaning

Legislation/Regulatory – CTA2009 s. 706
HMRC Guidance – CFM55080 ; CFM55100 ; CFM55220 ; CFM55290 ; CFM55420 ; CFM55470 ; CFM55510

Exclusions

Commentary – Tax Reporter ¶719-550
HMRC Guidance – CFM13130 ; CFM25060 ; CFM25070 ; CFM50330 ; CFM50350 ; CFM50540 ; CFM50580 ; CFM52580
Case Law – HSBC Life (UK) Ltd v Stubbs (HMIT); Nationwide Life Ltd v Crisp (HMIT); Abbey Life Assurance Co Ltd v Colclough (HMIT); TSB Life Ltd v Colclough (HMIT); Lloyds TSB Life Assurance Co Ltd v Colclough (HMIT)

Exclusions because of underlying subject matter

Disregard of subordinate or small value

Legislation/Regulatory – CTA2009 s. 590
HMRC Guidance – CFM50570 ; CFM50580 ; CFM50590

Embedded derivatives

Legislation/Regulatory – CTA2009 s. 592

Futures

Legislation/Regulatory – CTA2009 s. 593

Generally

Legislation/Regulatory – CTA2009 s. 589, 591
HMRC Guidance – CFM45260 ; CFM50730 ; CFM50740 ; CFM50750 ; CFM50760 ; CFM50770 ; CFM50780 ; CFM50790 ; CFM50800 ; CFM50820 ; CFM50830 ; CFM50840 ; CFM50860 ; CFM52580 ; CFM54020 ; CFM83070 ; CIRD11175

Options

Legislation/Regulatory – CTA2009 s. 593

Financial trader, definition

Legislation/Regulatory – SP 4/02

Foreign exchange gains and losses

– see Foreign exchange gains and losses

Future, meaning

Legislation/Regulatory – CTA2009 s. 581

Generally

Commentary – Tax Reporter ¶701-325 ; Tax Reporter ¶719-500

Group mismatch schemes

Controlled foreign companies

Legislation/Regulatory – CTA2010 s. 938M

Economic profits and losses, meaning

Legislation/Regulatory – CTA2010 s. 938F

Finance arrangements

Legislation/Regulatory – CTA2010 s. 938J

Foreign companies and foreign permanent establishments

Legislation/Regulatory – CTA2010 s. 938L

Generally

Commentary – Tax Reporter ¶719-900
HMRC Guidance – CFM56090

Group, meaning

Legislation/Regulatory – CTA2010 s. 938E

Losses and profits to be disregarded

Legislation/Regulatory – CTA2010 s. 938A ; FA2011 Sch. 5, para. 6

Meaning

Legislation/Regulatory – CTA2010 s. 938B

Provisions treated as of no effect

Legislation/Regulatory – CTA2010 s. 938N

Relevant tax advantage, meaning

Legislation/Regulatory – CTA2010 s. 938D

Repos or quasi-repos

Legislation/Regulatory – CTA2010 s. 938I

Scheme group, meaning

Legislation/Regulatory – CTA2010 s. 938B

Scheme loss, meaning

Legislation/Regulatory – CTA2010 s. 938C

Scheme period, meaning

Legislation/Regulatory – CTA2010 s. 938D

Scheme profit, meaning

Legislation/Regulatory – CTA2010 s. 938C

Scheme, meaning

Legislation/Regulatory – CTA2010 s. 938H

Tax capacity assumption

Legislation/Regulatory – CTA2010 s. 938G

Trading income

Legislation/Regulatory – CTA2010 s. 938K

Groups

Commentary – Tax Reporter ¶720-000

Groups of companies

Embedded derivatives

Legislation/Regulatory – CTA2009 s. 618

Group member replacing another as party to

Legislation/Regulatory – CTA2009 s. 625-627, Sch. 2, para. 96
HMRC Guidance – CFM34160 ; CFM41100 ; CFM53010 ; CFM53020 ; CFM53030 ; CFM53050 ; CFM53060 ; CFM53070 ; CFM53080 ; CFM53090 ; CFM53100 ; CFM53110 ; CFM53120 ; CFM53130 ; CFM54020 ; CFM57270 ; CFM57380 ; CFM57390 ; GIM9170

Tax avoidance

Legislation/Regulatory – CTA2009 s. 629, Sch. 2, para. 96

Transferee leaving group after replacing transferor

Legislation/Regulatory – CTA2009 s. 630-632
HMRC Guidance – CFM53110 ; CFM72600 ; CFM72670

Transferor using fair value accounting

Legislation/Regulatory – CTA2009 s. 628
HMRC Guidance – CFM34160 ; CFM41100 ; CFM53010 ; CFM53070 ; CFM53090 ; CFM53120 ; CFM57270 ; CFM57380

Hedging relationship, meaning

Legislation/Regulatory – CTA2009 s. 707 ; F(No. 2)A2015 Sch. 7, para. 54
HMRC Guidance – CFM34120 ; CFM50730 ; CFM50770 ; CFM50780

Income arising

Commentary – Tax Reporter ¶228-090

Insolvency arrangements

Legislation/Regulatory – CTA2009 s. 611

Insurance companies

Commentary – Tax Reporter ¶720-075
Legislation/Regulatory – CTA2009 s. 634-636 ; FA2012 s. 88, Sch. 16, para. 168-170
HMRC Guidance – CFM54020

Investment companies functional currency

Legislation/Regulatory – CTA2010 s. 606(2A)
HMRC Guidance – GREIT03005

Investment funds

Commentary – Tax Reporter ¶720-050 ; Tax Reporter ¶782-070

Investment trusts, capital profits and losses

Legislation/Regulatory – CTA2009 s. 637
HMRC Guidance – CFM54030

Land

Legislation/Regulatory – CTA2009 s. 641, 643, 644 ; FA2013 s. 41

Loan relationships

Connected debtor and creditor, debits exceeding credits

Legislation/Regulatory – CTA2009 s. 418, 419 ; FA2011 s. 29
HMRC Guidance – CFM37720 ; CFM37730 ; CFM37740 ; CFM37750 ; CFM37760 ; CFM77510 ; CFM77630

Embedded derivatives

Legislation/Regulatory – CTA2009 s. 415-417

Host contract

Legislation/Regulatory – CTA2009 s. 418A

Priority rules

Legislation/Regulatory – CTA2009 s. 700
HMRC Guidance – CFM50060

Meaning

Legislation/Regulatory – CTA2009 s. 575, 576
HMRC Guidance – CFM1107 ; CFM13020 ; CFM37660 ; CFM50030 ; CFM50210

Mutual trading companies

Legislation/Regulatory – CTA2009 s. 633
HMRC Guidance – CFM54010

Non-corporates holding swaps

Legislation/Regulatory – IRInt. 253

Non-resident companies

Commentary – Tax Reporter ¶720-000

Non-UK resident company ceasing to hold

Legislation/Regulatory – CTA2009 s. 610

Novation of swaps between group companies, avoidance of tax

Case Law – HBOS Treasury Services plc (now HBOS Treasury Services Ltd) [2009] TC 00208

Offshore funds

Legislation/Regulatory – FA2004 Sch. 26, para. 2

Open-ended investment companies

Commentary – Tax Reporter ¶720-050

Partnerships involving companies

Determination of credits and debits

Legislation/Regulatory – CTA2009 s. 620
HMRC Guidance – CFM52710 ; CFM52730 ; CFM52740

Fair value accounting

Legislation/Regulatory – CTA2009 s. 621

Generally

Commentary – Tax Reporter ¶720-100
Legislation/Regulatory – CTA2009 s. 619

Plain vanilla contract

Meaning

Legislation/Regulatory – CTA2009 s. 708
HMRC Guidance – CFM50750

Pre-30 December 2006

Legislation/Regulatory – CTA2009 Sch. 2, para. 93

Power to amend provisions

Legislation/Regulatory – CTA2009 s. 701
HMRC Guidance – CFM83030

Pre-contract expenses

Legislation/Regulatory – CTA2009 s. 607

Priority rules

Generally

Legislation/Regulatory – CTA2009 s. 699
HMRC Guidance – CFM50060 ; CFM51020 ; CFM52540 ; CFM57420

Loan relationships

Legislation/Regulatory – CTA2009 s. 700

Profits and losses

Brought into account

Legislation/Regulatory – CTA2009 s. 570
HMRC Guidance – CFM75120

Calculation

Legislation/Regulatory – CTA2009 s. 572

Chargeable as income

Legislation/Regulatory – CTA2009 s. 571
HMRC Guidance – CFM50040

Credits and debits brought into account

Legislation/Regulatory – CTA2009 s. 573

Non-trading credits and debits brought into account

Legislation/Regulatory – CTA2009 s. 574, Sch. 2, para. 82
HMRC Guidance – CFM51020 ; CFM54010 ; CFM54020

Profits and losses, treatment

Commentary – Quick Overview ¶26000

Property based total return swaps

Legislation/Regulatory – CTA2009 s. 641, 650 ; FA2013 s. 41(3)

Property, chargeable gains

Commentary – Tax Reporter ¶720-200
HMRC Guidance – CFM55080 ; CFM55120 ; CFM55210 ; CFM55220 ; CFM55290

Relevant contract, qualifying as

Commentary – Tax Reporter ¶719-550
HMRC Guidance – CFM13130 ; CFM25060 ; CFM25070 ; CFM50330 ; CFM50350 ; CFM50540 ; CFM50580 ; CFM52580
Case Law – HSBC Life (UK) Ltd v Stubbs (HMIT); Nationwide Life Ltd v Crisp (HMIT); Abbey Life Assurance Co Ltd v Colclough (HMIT); TSB Life Ltd v Colclough (HMIT); Lloyds TSB Life Assurance Co Ltd v Colclough (HMIT)

Relevant contracts

Accounting conditions

Legislation/Regulatory – CTA2009 s. 579

Companies treated as parties to

Legislation/Regulatory – CTA2009 s. 584-586
HMRC Guidance – CFM50410 ; CFM52550 ; CFM54020 ; CFM76040

Generally

Legislation/Regulatory – CTA2009 s. 575-578
HMRC Guidance – CFM50330

Offshore funds

Legislation/Regulatory – CTA2009 s. 587
HMRC Guidance – CFM50210 ; CFM52020 ; CFM54040

On 16 March 2005

Legislation/Regulatory – CTA2009 Sch. 2, para. 91

On 28 July 2005

Legislation/Regulatory – CTA2009 Sch. 2, para. 92

Open-ended investment companies

Legislation/Regulatory – CTA2009 s. 587

Party to such contracts

Legislation/Regulatory – CTA2009 s. 578

Underlying subject matter

Legislation/Regulatory – CTA2009 s. 583

Unit trusts

Legislation/Regulatory – CTA2009 s. 587

Risk transfer schemes

– see also Risk transfer schemes

Generally

Commentary – Tax Reporter ¶719-900
HMRC Guidance – CFM56090

Scope of rules

Commentary – Tax Reporter ¶719-550
HMRC Guidance – CFM13130 ; CFM25060 ; CFM25070 ; CFM50330 ; CFM50350 ; CFM50540 ; CFM50580 ; CFM52580
Case Law – HSBC Life (UK) Ltd v Stubbs (HMIT); Nationwide Life Ltd v Crisp (HMIT); Abbey Life Assurance Co Ltd v Colclough (HMIT); TSB Life Ltd v Colclough (HMIT); Lloyds TSB Life Assurance Co Ltd v Colclough (HMIT)

Securities house, meaning

Legislation/Regulatory – CTA2009 s. 709

Shares, disregard and bringing into account profits and losses

Legislation/Regulatory – SI 2004/3256

Ships, disregard and bringing into account profits and losses

Legislation/Regulatory – SI 2004/3256

Splitting

Commentary – Tax Reporter ¶719-550
HMRC Guidance – CFM13130 ; CFM25060 ; CFM25070 ; CFM50330 ; CFM50350 ; CFM50540 ; CFM50580 ; CFM52580
Case Law – HSBC Life (UK) Ltd v Stubbs (HMIT); Nationwide Life Ltd v Crisp (HMIT); Abbey Life Assurance Co Ltd v Colclough (HMIT); TSB Life Ltd v Colclough (HMIT); Lloyds TSB Life Assurance Co Ltd v Colclough (HMIT)

Tangible movable property

Legislation/Regulatory – CTA2009 s. 641, 643, 644 ; FA2013 s. 41

Tax avoidance

Accumulated net losses, allowance for

Legislation/Regulatory – CTA2009 s. 692
HMRC Guidance – CFM56030 ; CFM56040 ; CFM63150

Connected companies, transfers of value

Legislation/Regulatory – CTA2009 s. 695
HMRC Guidance – CFM50340 ; CFM55460 ; CFM56070 ; CTM36900

Derecognition

Legislation/Regulatory – CTA2009 s. 698A

Disposals for consideration not fully recognised by accounting practice

Legislation/Regulatory – CTA2009 s. 698, Sch. 2, para. 97
HMRC Guidance – CFM56100

Exchange gains and losses

Legislation/Regulatory – CTA2009 s. 694
HMRC Guidance – CFM56060

Generally

Legislation/Regulatory – CTA2009 s. 689

Non-UK residents, transactions with

Legislation/Regulatory – CTA2009 s. 696, 697
HMRC Guidance – CFM56090 ; CFM61060

Transactions not at arm's length

Legislation/Regulatory – CTA2009 s. 693-695

Unallowable purposes

Legislation/Regulatory – CTA2009 s. 690-692
HMRC Guidance – CFM50060 ; CFM50240 ; CFM56010 ; CFM61120 ; CFM62250 ; CFM63030 ; CFM77820

Tax mismatch schemes

Economic profits and losses, meaning

Legislation/Regulatory – CTA2010 s. 938S

Generally

Legislation/Regulatory – FA2013 Sch. 20

Losses and profits to be disregarded

Legislation/Regulatory – CTA2010 s. 938O

Meaning

Legislation/Regulatory – CTA2010 s. 938P

Priority

Legislation/Regulatory – CTA2010 s. 938V

Relevant tax advantage/disadvantage, meaning

Legislation/Regulatory – CTA2010 s. 938R

Scheme loss/profit, meaning

Legislation/Regulatory – CTA2010 s. 938Q

Scheme period, meaning

Legislation/Regulatory – CTA2010 s. 938R

Scheme, meaning

Legislation/Regulatory – CTA2010 s. 938U

Tax capacity assumption

Legislation/Regulatory – CTA2010 s. 938T

Trading receipts

Commentary – Tax Reporter ¶707-030

Trading/non-trading split

Commentary – Tax Reporter ¶719-600
HMRC Guidance – CFM51050 ; CFM51090

Transfer pricing

Commentary – Tax Reporter ¶720-000

Transfer pricing provisions of Income and Corporations Taxes Act 1988, Sch. 28AA

Case Law – Union Castle Mail Steamship Company Ltd [2016] TC 05275

Transitional provisions

Legislation/Regulatory – FA2002 Sch. 28, para. 2, 4-7
HMRC Guidance – CFM85040 ; CFM85050

Unallowable purposes

Commentary – Tax Reporter ¶719-900
HMRC Guidance – CFM56090

Underlying subject matter

Exclusion of contracts because of

Legislation/Regulatory – CTA2009 s. 589-593

Generally

Commentary – Tax Reporter ¶719-550
HMRC Guidance – CFM13130 ; CFM25060 ; CFM25070 ; CFM50330 ; CFM50350 ; CFM50540 ; CFM50580 ; CFM52580
Case Law – HSBC Life (UK) Ltd v Stubbs (HMIT); Nationwide Life Ltd v Crisp (HMIT); Abbey Life Assurance Co Ltd v Colclough (HMIT); TSB Life Ltd v Colclough (HMIT); Lloyds TSB Life Assurance Co Ltd v Colclough (HMIT)

Meaning

Legislation/Regulatory – CTA2009 s. 583

Venture capital trusts, capital profits and losses

Legislation/Regulatory – CTA2009 s. 637

Withholding tax

Commentary – Tax Reporter ¶720-150