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Finance Act 1995
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3(1)Section 129 (non-trading gains and losses) shall be amended as follows.
(2)In subsection (8) (no non-trading exchange gain or loss where a charge is allowed) in paragraph (b) the words “or the circumstances are such that a charge would be so allowed if the duty were settled” shall be omitted.
(3)The following subsection shall be inserted after subsection (8)—
“(8A)A charge shall be treated as allowed as mentioned in subsection (8) above if—
(a)it would be so allowed if the company’s total profits were sufficient,
(b)it would be so allowed if the duty mentioned in that subsection were settled, and if in settling it payment were made out of the company’s profits brought into charge to corporation tax, or
(c)it would be so allowed if the facts were as mentioned in both paragraph (a) and paragraph (b) above.”
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