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Statutory Instruments
INCOME TAX
Made
21st July 2005
Laid before the House of Commons
21st July 2005
Coming into force
11th August 2005
1. These Regulations may be cited as the Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations 2005 and come into force on 11th August 2005.
2. Amend the Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2005(3) as follows.
3.—(1) Amend regulation 3 (prescribed circumstances in which regulation 4 applies) as follows.
(2) In paragraph (1A)(b)(4)—
(a)after “relationship” insert “of the company”;
(b)after “or” where it first occurs insert “an obligation under”.
(3) After paragraph (4) insert—
“(5) In this regulation an obligation under a derivative contract is the obligation of the company to pay in exchange for one currency an amount in a second currency.”.
4.—(1) Amend regulation 7 (regulations 5 and 6-supplementary) as follows.
(2) In paragraphs (4), (5)(a), (5A)(a), (5A)(a)(i), (5A)(b), (5A)(b)(i), (5A)(b)(iii) and (8)(5) after “liability” in each place it occurs insert “or obligation”.
(3) In Rules 1, 2 and 3 in paragraph (7)(6) after “liabilities” in each place it occurs insert “or obligations”.
5. Omit regulation 14(7) (cases where there are no matching assets).
Gillian Merron
Vernon Coaker
Two of the Lords Commissioners of Her Majesty’s Treasury
21st July 2005
(This note is not part of the Regulations)
These Regulations amend the Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2005 (S.I. 2002/1970) which provide how and when certain exchange gains and losses are brought into account for tax purposes. The amendment is required as a result of amendments made to the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004 (S.I. 2004/3256).
These Regulations do not impose any new costs on business.
1996 c. 8. Section 84A was inserted by paragraph 3 of Part 1 of Schedule23 to the Finance Act 2002 (c. 23) and sub-sections (8) to (10) were amended by paragraph 2(4) and (5) of Part 1 of Schedule 10 to the Finance Act 2004 (c. 12).
2002 c. 23 Paragraph 16(8) to (10) of Schedule 26 was amended by paragraph 48(4) and (5) of Part 2 of Schedule 10 to the Finance Act 2004.
Paragraph (1A) was inserted by regulation 4(3) of S.I. 2004/3259.
Paragraphs (5A) and (8) were inserted by regulation 6 (3) and (5) respectively of S.I. 2004/3259.
Rule 1 was amended by regulation 6(4) of S.I. 2004/3259.
Regulation 14 was inserted by regulation 10 of S.I. 2004/3256.
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