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Finance Act 2002

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This is the original version (as it was originally enacted).

Provision not at arm’s length: foreign exchange gains and losses

21(1)In Schedule 28AA to the Taxes Act 1988 (provision not at arm’s length) paragraph 8 (foreign exchange gains and losses etc) is amended as follows.

(2)In sub-paragraph (1) (exceptions)—

(a)for “Subject to sub-paragraph (2)” substitute “Subject to sub-paragraph (3)”; and

(b)for paragraph (a) (which relates to Chapter 2 of Part 2 of the Finance Act 1993) substitute—

(a)Chapter 2 of Part 4 of the Finance Act 1996 (loan relationships) in respect of exchange gains or losses from loan relationships (as defined in section 103(1A) and (1B) of that Act), or.

(3)For sub-paragraph (2) (saving for certain provisions of sections 136 and 136A of the Finance Act 1993 (application of arm’s length test)) substitute—

(3)Sub-paragraph (1) above shall not affect so much of paragraph 11A of Schedule 9 to the Finance Act 1996 (loan relationships: exchange gains or losses where loan not on arm’s length terms) as has effect by reference to whether profits or losses fall to be computed by virtue of this Schedule as if the whole or any part of a loan had not been made..

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