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The Exchange Gains and Losses (Alternative Method of Calculation of Gain or Loss) (Amendment) Regulations 1996
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- 1996 No. 1347
- Regulation 6
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Amendments to the principal Regulations
6. In regulation 11—
(a)in paragraph (5)(a) after the words “that company” there shall be inserted “or, where the direction is given on or after 1st April 1996, no earlier accounting period of that company is an ADP exempt period”;
(b)after paragraph (5) there shall be added the following paragraph—
“(6) In paragraph (5) above “ADP exempt period” means an accounting period of the company—
(a)which begins on or after 28th November 1995, and
(b)in respect of which the company has pursued, within the meaning of Part I of Schedule 25 to the Taxes Act, an acceptable distribution policy.”
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