Finance Act 2009

Adjustment of sterling loss if amount carried forward from earlier periodE+W+S+N.I.

11(1)This paragraph applies where—E+W+S+N.I.

(a)a loss arises in an accounting period beginning before the commencement date,

(b)the loss is to be a carried-forward amount that is to be carried forward to an accounting period beginning on or after the commencement date,

(c)if section 92DD of FA 1993 had effect in relation to losses arising in the accounting period mentioned in paragraph (a), that section would require that the loss be adjusted.

(2)Section 92DD of FA 1993 has effect in relation to the loss.

(3)In the application of section 92DD of FA 1993 by virtue of sub-paragraph (2) that section has effect as if for subsection (6) there were substituted—

(6)In this section “the relevant accounting period” means the earliest accounting period of the company beginning after the commencement date in which the operating currency of the company is the later operating currency.