SCHEDULE 5 Group Mismatch Schemes
Finance Act 2011 (2011 c 11) | Legislation

SCHEDULE 5 Group Mismatch Schemes

Section 30

Insertion of new Part 21B of CTA 2010 and consequential amendments

1

In section 1(4) of CTA 2010 (overview of Act), omit the “and†at the end of paragraph (h), and after paragraph (i) insert—

“(j)     group mismatch schemes (see Part 21B).â€

2

After Part 21A of that Act insert—

“Part 21B
Group Mismatch Schemes
938A Losses and profits from group mismatch schemes to be disregarded

(1)     This section applies to a company that—

(a)     is (at any time) a party to a group mismatch scheme, and

(b)     is a member of the scheme group.

(2)     No scheme loss or profit made by the company in any accounting period in relation to the scheme is to be brought into account as a debit or credit for the purposes of Part 5 of CTA 2009 (loan relationships) or Part 7 of that Act (derivative contracts).

(3)     An amount that would, apart from this section, be brought into account for the purposes of Part 5 or 7 of that Act as respects any matter—

(a)     is treated, for the purposes of section 464(1) or (as the case may be)

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