Finance Act 2009 (c. 10)

SCHEDULES

SCHEDULE 18 U.K. Corporation tax: foreign currency accounting

Right of company to elect for different commencement and transitional provision to apply U.K.

13 (1) If a company so elects, this Schedule has effect in relation to the company with the following modifications— U.K.

(a) paragraphs 9 and 11 do not apply, and

(b) “the commencement date” means the day on which this Act is passed.

(2) An election by a company under this paragraph—

(a) must be made before the end of the period of 30 days beginning with the first day of the first accounting period of the company beginning on or after the day on which this Act is passed, and

(b) is irrevocable.