CFM80030 - Old rules: derivative contracts: quick guide to converting from FA 2002 to CTA 2009
Converting from FA 2002 to CTA 2009
The table below may be helpful to those already familiar with the derivative contracts legislation in FA02/SCH26. It is not intended to replace the tables of origins and destinations in CTA09, but provides a quick guide to the locations of legislation and guidance on the main derivative contracts topics. CFM cross-references are to the first (or only) page of relevant guidance.
|
Subject |
FA02/SCH26 |
CTA 2009 |
Reference |
|
Exclusivity of derivative contracts |
Para 1 |
699 |
|
|
Definition of relevant contract, including meaning of future, option and contract for differences |
Para 2, para 12 |
576 - 578, 580 - 582 |
|
|
Relevant contracts within loan relationships, non-financial contracts and ‘hybrid derivatives’ |
Paras 2, 2A, 2B |
584 - 586 |
|
|
Meaning of derivative contract - accounting test |
Para 3 |
579 |
|
|
Underlying subject matter - excluded contracts, and meaning of USM, splitting contracts |
Paras 4, 9, 11, 46 |
589 - 593, 583 |
|
|
Former chargeable assets becoming derivative contracts |
Paras 4A, 4B, 4C |
Paras 92, 93 Sch 2 |
|
|
Qualified exclusions |
Paras 5 - 8, para 21: now repealed |
|
|
|
Bringing profits and losses into account |
Para 14 |
572 - 574 |
|
|
Basic computational rules |
Paras 15, 16, 17A, 17B, 17C, 22 |
594 - 599, 606 |
|
|
Deemed assignment on company migration |
Para 22A |
609 - 610 |
|
|
Unallowable purposes |
Paras 23, 24 |
690 - 692 |
|
|
Capitalised amounts |
Para 25 |
604 |
|
|
Credits or debits in equity |
Para 25A |
605 |
|
|
Transfers of value to connected companies |
Para 26 |
695 |
|
|
Non arm’s length contracts |
Para 27, 31A |
693 - 694 |
|
|
Disposals for consideration not fully recognised |
Para 27A |
698 |
|
|
Group continuity |
Paras 28, 29, 30, 30A |
625 - 632 |
|
|
European cross-border mergers etc |
Para 30B - 30H |
674 - 688 |
|
|
Anti-avoidance: contracts with non-residents |
Para 31 |
696 |
|
|
Collective investment schemes |
Paras 34 - 39 |
587, 601, 602, 660, 637, 638 |
|
|
Contracts becoming or ceasing to be derivative contracts |
Paras 43A, 43B |
661, 662 |
|
|
Annual capital gains on certain derivatives |
Paras 45A, 45B |
641, 642, 663, 664 |
|
|
Property derivatives |
Paras 45C, 45G |
643, 644, 650, 659 |
|
|
Convertible securities - holders |
Paras 45D, 45H |
645 - 647 |
|
|
Share-linked securities - holders |
Para 45F, 45HZA |
648, 649 |
|
|
Options or futures resulting in delivery of shares |
Para 45HA |
667, 668 |
|
|
Index-linked gilts |
Para 45I |
623 |
|
|
Convertible securities - issuers |
Paras 45J, 45JA |
652 - 655, 665, 666, para 94 Sch 2 |
|
|
Share-linked securities - issuers |
Paras 45K, 45KA |
657 - 658, para 88 Sch 2 |
|
|
Derivatives embedded in non-loan contracts |
Paras 45L, 45LA |
616 - 618 |
|
|
Pre-paid futures |
Para 45M |
592 |
|
|
Partnerships |
Paras 49, 50 |
619 - 621 |
|
|
Adjustments on changes of accounting policy |
Para 50A |
613 - 615 |
