C3C1C2Part 7Derivative contracts
Pt. 7 modified (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 88(1)(2)(7) (with s. 147, Sch. 17)
Pt. 7 modified by 2007 c. 3, s. 809FZZ(8) (as inserted (with effect in accordance with s. 37(4) of the amending Act) by Finance Act 2016 (c. 24), s. 37(2))
Chapter 3Credits and debits to be brought into account: general
Introduction
594Overview of Chapter
1
This Chapter contains rules of general application about the credits and debits to be brought into account for the purposes of this Part.
2
In particular, it—
F2za
makes provision about the matters in respect of which amounts are to be brought into account (see section 594A),
a
sets out the general principles which are to apply in relation to the bringing into account of credits and debits, including the use of generally accepted accounting practice and the taking into account of related transactions (see sections 595 and 596),
b
makes provision about the interpretation of the expression “amounts recognised in determining a company's profit or loss” (see sections 597 to 599),
c
makes provision in relation to the application of fair value accounting (see sections 600 to 603),
d
sets out some general rules which differ from generally accepted accounting practice (see sections 604 and 605),
e
makes provision about exchange gains and losses (see section 606),
f
makes provision about pre-contract or abortive expenses (see section 607),
F1g
makes provision about cases where amounts are recognised even though companies are not, or have ceased to be, parties to derivative contracts (see section 607A),
ga
makes provision about companies moving abroad (see sections 609 and 610), and
h
makes provision in relation to statutory insolvency arrangements (see section 611).
Pt. 7 modified (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 601, 1184(1) (with Sch. 2)