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Corporation Tax Act 2010

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Changes over time for: Section 11

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Point in time view as at 01/04/2010.

Changes to legislation:

Corporation Tax Act 2010, Section 11 is up to date with all changes known to be in force on or before 10 June 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

11Sterling equivalents: basic ruleU.K.
This section has no associated Explanatory Notes

(1)Subsection (2) applies if, for the purposes of calculating the profits or losses of a company arising in an accounting period, section 7(2), 8(2) or 9(2) requires a profit or loss to be translated into its sterling equivalent.

(2)The translation must be made by reference to—

(a)the average exchange rate for the accounting period, or

(b)the rate mentioned in subsection (3).

(3)That rate is—

(a)if the amount to be translated relates to a single transaction, an appropriate spot rate of exchange for the transaction, or

(b)if the amount to be translated relates to more than one transaction, a rate of exchange derived on a just and reasonable basis from appropriate spot rates of exchange for those transactions.

(4)Subsection (2) is subject to sections 12 and 13 (special rules where the translation is for the purpose of calculating carried-forward or carried-back amounts).

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