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Finance Act 2005
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- UK Public General Acts
- 2005 c. 7
- SCHEDULE 4
- Part 2
- Paragraph 51
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FA 2004
51In Part 4 of Schedule 10 to FA 2004 (amendments relating to foreign currency accounting), after paragraph 78 insert—
“Transitional provision
79Where a company carries forward to its first period of account beginning on or after 1st January 2005 an amount by way of—
(a)management expenses brought forward under section 75 of the Taxes Act 1988,
(b)losses brought forward under section 392B or 393 of that Act, or
(c)non-trading deficits on loan relationships brought forward under section 83 of the Finance Act 1996,
that amount shall be translated into sterling using the London closing exchange rate for the last day of the previous period of account.”.
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