The Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) (Amendment) Regulations 2006
These Regulations correct a drafting error in the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2006 (S.I. 2006/843), and provide for a new regulation 5 to be substituted. Regulation 5 provides that the amount of a loss arising on certain derivative contracts is not to be recognised in determining a company’s profit or loss for any period.