Corporation Tax Act 2009 section 806

Financial assets

Section 806 excludes financial assets from the scope of Part 8 of the Corporation Tax Act 2009, which deals with intangible fixed assets.

• Part 8 (intangible fixed assets) does not apply to financial assets, which are defined in accordance with their meaning for accounting purposes.
• Financial assets specifically include loan relationships and derivative contracts, which are dealt with separately under Parts 5, 6 and 7 of the Act.
• Contracts or policies of insurance, capital redemption policies, and any assets derived from or referable to such contracts or policies are also treated as financial assets and therefore excluded from Part 8.
• Rights under a collective investment scheme, as defined in section 235 of the Financial Services and Markets Act 2000, are likewise classified as financial assets and fall outside Part 8.