SCHEDULES
SCHEDULE 18Corporation tax: foreign currency accounting
8Sterling equivalent if amount carried back to pre-commencement accounting period
1
This paragraph applies where—
a
a loss of a company (“the loss”) is required by section 92B or 92C of FA 1993 to be translated from a currency other than sterling into its sterling equivalent,
b
the translation is for the purpose of computing a loss arising in an accounting period beginning on or after the commencement date, and
c
the loss is to be a carried-back amount that is to be carried back to an accounting period beginning before the commencement date.
2
Section 92DA of FA 1993 does not have effect in relation to the loss.
3
The translation must be made by reference to the appropriate exchange rate.