The Exchange Gains and Losses (Transitional Provisions) (Amendment) Regulations 1996

Amendments to the principal Regulations

8.  In regulation 15—

(a) in paragraph (1)—

(i) for the words from “the expiry” to “1995” there shall be substituted “30th September 1996”;

(ii) for the words “paragraph (6)” there shall be substituted “paragraphs (6) and (7)”;

(iii) in sub-paragraph (a) for the words “day, and ” there shall be substituted “day and, subject to paragraph (1A) below,”;

(b) after paragraph (1) the following paragraph shall be inserted—

“(1A) An election under paragraph (1) above may be withdrawn, with effect from the beginning of the company’s commencement day, by notice by the company to the inspector before 30th September 1996.”;

(c) after paragraph (6) the following paragraph shall be added—

“(7) Where in relation to an existing asset held by the company—

(a) an election has effect under regulation 6(2),

(b) an election has effect under this regulation,

(c) there is an attributed gain or loss computed in accordance with paragraph (2) of this regulation as respects the asset, and

(d) any of the dates referred to in sub-paragraphs (b) and (c) of that paragraph falls in an accounting period of the company ending on or after 30th June 1996,

no part of the attributed gain or loss shall be taken into account for the purposes of corporation tax for that accounting period, but the amount of the attributed gain or loss which would have been taken into account for that period but for this paragraph shall be treated for the purposes of regulation 13 as a relevant gain or loss falling within that regulation.”