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The treatment described below applies to contracts entered into on or after 1 August 2004 in an AP ending on or after 17 September 2004.

In year ended 30 June 2014, a property company enters into a contract for differences based on a reference portfolio of commercial property. The counterparty is not a related party. The contract has a maturity of three years and a strike of 6%. In other words, the company believes that the value of the portfolio (looking at the capital value only) will rise by more than 6% over the period.

The portfolio is professionally valued at the start and end of the contract. Its initial value is 拢10 million. If the final value were, say, 拢11 million - the value had risen by 10% - the counterparty would pay the company (10% - 6%) x 拢10 million = 拢400,000. If on the other hand the value increases by less than 6%, or falls, the company must make a similarly calculated payment to the counterparty.

The company accounts for the contract at fair value, and in the year ended 30 June 2008 its accounts show an increase of 拢270,000 in the fair value of the contract.

The underlying subject matter of the derivative contract is land (and possibly also chattels). The contract comes within CTA09/S643. As a result, the non-trading credit of 拢270,000 is - under S641 - brought into account as a chargeable gain for year ended 30 June 2014.