691 Meaning of “unallowable purpose”
Corporation Tax Act 2009 (2009 c 4) | Legislation

691  Meaning of “unallowable purpose”

(1)     For the purposes of sections 690 and 692, a derivative contract of a company has an unallowable purpose in an accounting period if the purposes for which, at times during that period, the company—

(a)     is a party to the contract, or

(b)     enters into transactions which are related transactions by reference to it,

include a purpose (“the unallowable purpose”) which is not amongst the business or other commercial purposes

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