Valid from 03/05/1994
Textual Amendments
F1Sch. 15 para. 4A and preceding cross-heading inserted (3.5.1994) by 1994 c. 9, s. 116(2)
[F24A(1)Regulations may provide that where—
(a)as regards a contract an initial exchange gain or initial exchange loss accrues to a company for an accrual period under section 126(5) of this Act or would so accrue apart from regulations under this Schedule,
(b)the relevant duty is eligible to be matched on any day in the accrual period with an asset held by the company, and such other conditions as may be prescribed are fulfilled, and
(c)an election is made in accordance with the regulations to match the duty with the asset on any such day and the election has effect by virtue of the regulations,
the amount of the gain or loss shall be found in accordance with the alternative method of calculation.
(2)Regulations may also provide that as regards any day in respect of which an election has effect the accrued amount shall be ascertained in accordance with prescribed rules.
(3)The reference in sub-paragraph (1) above to the relevant duty is to the duty to which, under the contract, the company becomes subject as regards the second currency (within the meaning given by section 126 of this Act).
(4)Where regulations are made under this paragraph, sub-paragraphs (3) to (12) of paragraph 4 above shall apply as they apply where regulations are made under that paragraph; but in the application of those sub-paragraphs by virtue of this sub-paragraph—
(a)the references to a liability in sub-paragraphs (3), (4), (9) and (11) shall be construed as references to a duty,
(b)the references to liabilities in sub-paragraphs (3) and (4) shall be construed as references to duties, and
(c)the reference in sub-paragraph (11)(a) to sub-paragraph (1) of paragraph 4 shall be construed as a reference to sub-paragraph (1) above.]
Textual Amendments
F2Sch. 15 para. 4A and preceding cross-heading inserted (3.5.1994) by 1994 c. 9, s. 116(2)