Corporation Tax Act 2009 section 99

Repeal of provisions concerning exchange gains and losses from derivative contracts

Section 99 of Schedule 2 repeals earlier provisions that dealt with exchange gains and losses arising from derivative contracts, as part of the modernisation and simplification of the corporation tax rules.

• Earlier legislation contained specific provisions governing the tax treatment of exchange gains and losses from derivative contracts
• These provisions were repealed as part of the rewrite of corporation tax rules into CTA 2009
• The repeal formed part of a broader programme to consolidate and simplify the corporation tax code
• The Finance (No. 2) Act 2015 subsequently amended this paragraph as part of further reforms to the derivative contracts regime

---