Commentary on Sections Overview Chapter 3: Profits of property businesses: basic rules Section 211: Loan relationships and derivative contracts
790.This section defines the relationship of the rules in Parts 5 and 7 to those in this Part. It is based on section 15 of ICTA.
791.Subsection (1) drops the words of the source “carried on by a company” in referring to a property business because in the context of corporation tax only legislation, they are redundant.
792.Subsection (2) is based on the premise that, in the source legislation, the second sentence of paragraph 2(3) of Schedule A is really about the relationship between that provision and section 80(5) of FA 1996 and paragraph 1(2) of Schedule 26 to FA 2002. The source makes a wide statement about the relationship between “this Schedule [A]” and Part 4 of FA 1996 and Schedule 26 to FA 2002. This Act disposes of the concept of Schedule A so the rewritten references are necessarily more focussed.