591 Conditions A to E mentioned in section 589(5)
Corporation Tax Act 2009 (2009 c 4) | Legislation

591  Conditions A to E mentioned in section 589(5)

(1)     The following are the conditions mentioned in section 589(5).

(2)     Condition A is that the relevant contract—

(a)     is a plain vanilla contract entered into or acquired by a company carrying on [long-term business],

(b)     is an approved derivative for the purposes of Rule 3.2.5 of the [Prudential Sourcebook for Insurers] [(within the meaning given by section 139(4) of FA 2012)], and

(c)     does not meet the condition in section 579(1)(b) (contract which is or forms part of a financial asset or liability for accounting purposes).

(3)     Condition B is that—

(a)     the relevant contract is entered into or acquired by a company otherwise than for the purposes of a

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Malus and clawback

Malus and clawbackFORTHCOMING CHANGE: On 18 March 2021, it was announced that the government was launching a consultation on wide-ranging reforms to modernise the country’s audit and corporate governance regime, targeting the UK’s biggest businesses and ensuring markets work effectively. In relation

LEXISNEXIS

Subrogation in insurance and reinsurance

Subrogation in insurance and reinsuranceWhat is the right of subrogation?In the context of insurance and reinsurance, the right of subrogation entitles an insurer or reinsurer, having indemnified the (re)insured, to ‘step into its shoes’ to bring an action in the (re)insured’s name. For the purpose

LEXISNEXIS

Control of asbestos—duty to manage

The Control of Asbestos Regulations 2012 (CAR 2012) place various duties on employers to protect employees from risks related to exposure to asbestos and make it clear that these duties, so far as is reasonably practicable, are also owed to any other person, whether at work or not, who may be

LEXISNEXIS

Rescission of a contract

Rescission of a contractWhat is rescission of a contract?The remedy of rescission is available to a party whose consent, in entering into a contract, has been invalidated in some way:•the effect of rescinding a contract is to extinguish it and restore the parties to their pre-contractual