Finance Act 2002 (c. 23)

SCHEDULES

SCHEDULE 23 Exchange gains and losses from loan relationships etc

Part 1 Amendments of the Finance Act 1996

Transactions not at arm’s length

10 (1) Paragraph 11 of Schedule 9 is amended as follows.

(2) In sub-paragraph (1), for “Subject to sub-paragraphs (2) and (3) below,” substitute “Subject to sub-paragraphs (2) to (3A) below,”.

(3) After sub-paragraph (3) insert—

“(3A) Sub-paragraph (1) above shall not apply to any exchange gains or losses.”.