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Finance Act 1996
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4(1)The credits and debits to be brought into account for the purposes of this Chapter shall be computed disregarding so much of any authorised accounting method as, by requiring the translation or conversion of amounts from one currency into another, has the effect that credits and debits produced by that method include sums in which profits, gains or losses arising from fluctuations in the value of a currency are to any extent represented.
(2)This paragraph is without prejudice to the provisions of Chapter II of Part II of the [1993 c. 34.] Finance Act 1993 (exchange gains and losses).
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