Part 2Calculation of liability in respect of profits
Chapter 4Currency
The currency to be used in tax calculations
5Basic rule: sterling to be used
1
For corporation tax purposes the income and chargeable gains of a company for an accounting period must be calculated and expressed in sterling.
2
See the following sections for provision about the application of subsection (1) in certain cases where profits or losses fall to be calculated in accordance with generally accepted accounting practice—
section 6 (UK resident company operating in sterling and preparing accounts in another currency),
section 7 (UK resident company operating in currency other than sterling and preparing accounts in another currency),
section 8 (UK resident company preparing accounts in currency other than sterling),
section 9 (non-UK resident company preparing accounts in currency other than sterling).