The Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations 2004

Amendments to the Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2002

3.  In regulation 2(1) (interpretation)—

(a) for the definition of “foreign business asset” substitute—

““foreign business asset” means, in relation to a company, an asset of an operation of the company which for accounting purposes is a foreign operation consisting of a branch;”;

(b) after the definition of “section 84A” insert—

• ““statement of recognised gains and losses and statement of changes in equity” mean the statements mentioned in subsection (3) of section 84A or sub-paragraph (3) of paragraph 16(1);”;

(c) after the definition of “the 1994 Regulations” insert—

““the Disregard Regulations” means the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004(2).”.

(1)

Subsection (3) was substituted by subsequent subsections (3) and (3A) by paragraph 2(2) of Part 1 of Schedule 10 to the 2004 Act and sub-paragraph (3) was substituted by subsequent sub-paragraphs (3) and (3A) by paragraph 48(2) of Part 2 of Schedule 10 to the 2004 Act.

(2)

S.I. 2004/3256