2005 No. 2013
The Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations 2005
Made
Laid before the House of Commons
Coming into force
Citation and commencement1
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.
Amendment of the Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2005
2
Amend the Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 20053 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 147 (cases where there are no matching assets).
(This note is not part of the Regulations)