Corporation Tax Act 2009 section 598

Regulations about recognised amounts

Section 598 gives the Treasury power to make regulations that adjust which amounts relating to derivative contracts are treated as "recognised" for the purpose of calculating a company's taxable profit or loss.

• The Treasury can make regulations to exclude specified amounts from the profit or loss calculation for derivative contracts, or to bring in amounts that would not otherwise be included
• Regulations can specify the method by which such amounts are to be brought into account, including by reference to how amounts were treated in earlier accounting periods
• The regulations may make different provisions for different situations and may be conditional on elections or other specified conditions
• Regulations can apply retrospectively to accounting periods beginning in the same calendar year in which the regulations are made, and may modify other provisions within Part 7 of the Act