The Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations, SI 2013/1843 amend the calculation of exchange gains or losses arising on disposal of a hedging instrument to be brought back into account for corporation tax purposes, where there is a change in functi
The Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations, SI 2013/1843 amend the calculation of exchange gains or losses arising on disposal of a hedging instrument to be brought back into account for corporation tax purposes, where there is a change in functional currency or designated currency of the company. The changes ensure the rules operate consistently with the approach to the currency used for calculation of chargeable gains and losses introduced by FA 2013 s 66 with effect from 1 September 2013.
Also with effect from 1 September 2013, as per The Finance Act 2013, Section 66 (Appointed Day) Order, SI 2013/1815, companies which have, or have had, a functional currency other than sterling will be required to compute any chargeable gains and losses on disposals of ships, aircraft, or shares not covered by the substantial shareholdings exemption in that currency. Investment companies which have made a designated currency election will be required to use that designated currency.
The Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations, SI 2013/1843 amend the calculation of exchange gains or losses arising on disposal of a hedging instrument to be brought back into account for corporation tax purposes, where there is a change in functi
The Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations, SI 2013/1843 amend the calculation of exchange gains or losses arising on disposal of a hedging instrument to be brought back into account for corporation tax purposes, where there is a change in functional currency or designated currency of the company. The changes ensure the rules operate consistently with the approach to the currency used for calculation of chargeable gains and losses introduced by FA 2013 s 66 with effect from 1 September 2013.
Also with effect from 1 September 2013, as per The Finance Act 2013, Section 66 (Appointed Day) Order, SI 2013/1815, companies which have, or have had, a functional currency other than sterling will be required to compute any chargeable gains and losses on disposals of ships, aircraft, or shares not covered by the substantial shareholdings exemption in that currency. Investment companies which have made a designated currency election will be required to use that designated currency.
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