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Finance Act 2004

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This is the original version (as it was originally enacted).

Method of taxation

48(1)Paragraph 16 of that Schedule (exchange gains and losses arising from derivative contracts) is amended as follows.

(2)For sub-paragraph (3) substitute—

(3)Sub-paragraph (1) does not apply to an exchange gain or loss of a company to the extent that it—

(a)arises in relation to a derivative contract whose underlying subject matter consists wholly or partly of currency, or

(b)results from the translation from one currency to another of the profit or loss of part of the company’s business,

and is recognised in the company’s statement of recognised gains and losses or statement of changes in equity.

(3A)Sub-paragraph (1) above does not apply to so much of an exchange gain or loss arising to a company, in relation to a derivative contract whose underlying subject matter consists wholly or partly of currency, as falls within a description prescribed for the purpose in regulations made by the Treasury..

(3)Omit sub-paragraphs (4) to (7).

(4)In sub-paragraph (8) after “(3)” insert “or (3A)”.

(5)In sub-paragraph (10) at the end add “and power to make provision subject to an election or to other prescribed conditions”.

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