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Finance Act 2013

Background

17.All companies must currently compute all of their chargeable gains and losses in sterling. This section provides a limited exception to this rule which will ensure closer alignment between the tax and economic outcomes for companies that do not have a sterling functional currency. This should reduce barriers to commercial decision making by businesses faced with tax gains not matched by a gain of economic substance and reduce administrative burdens for businesses attempting to manage the effects of such gains.

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Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

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