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Finance Act 2002

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This is the original version (as it was originally enacted).

Use of currency other than sterling: accounts as a whole etc in foreign currency

3(1)Section 93 is amended as follows.

(2)In subsection (1) (application of section) for “either the first condition or the second condition” substitute “the condition in subsection (2) below”.

(3)In subsection (2) (the first condition), for “The first condition is” substitute “The condition is”.

(4)Omit subsection (3) (the second condition, which is superseded by the new section 93A inserted by paragraph 4).

(5)Omit subsection (6) (different parts carried on through different branches, which is superseded by the new section 93A).

(6)In subsection (7) (definitions) omit the definitions of—

(a)“branch”; and

(b)“the closing rate/net investment method”.

(7)In subsection (7), in the definition of “the relevant foreign currency” for “the first condition” substitute “the condition in subsection (2) above”.

(8)In consequence of the amendments made by this paragraph, the sidenote to the section becomes “Use of currency other than sterling: accounts as a whole etc in foreign currency.”.

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