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The Currency Contracts and Options (Amendment of Enactments) Order 1994
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- 1994 No. 3233
- Explanatory Note
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Explanatory Note
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Section 126 of the Finance Act 1993 (“section 126”) and section 150 of the Finance Act 1994 (“section 150”) define what is meant by a currency contract for the purposes of the provisions of those Acts relating to the tax treatment of exchange gains and losses and currency contracts. Section 150 also defines what is meant by a currency option. The essential feature of the definitions is a right and a duty on the part of a company to receive payment of a specified amount of one currency in exchange for payment of a specified amount of another currency.
This Order amends section 126 and section 150 so as to extend the definitions of currency contract and currency option to cover cases where, under a contract or as the result of the exercise of an option, a company has a right and a duty to receive or make a single payment consisting of the difference in value of the two currencies in question, but there is no right and duty to effect an actual exchange of those currencies.
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