[F1328ECounterfactual currency movement assumptions: treatment of optionsU.K.
(1)This section applies in relation to the calculation for the purposes of section 328A(5) of exchange gains and losses of a company arising in an accounting period of that company where—
(a)the calculation is made on the assumption specified in subsection (2) or (3) of section 328D (“the relevant assumption”), and
(b)an option is part of the arrangements.
(2)Subsection (3) applies if the option is exercised on the test day.
(3)The option is to be treated as not having been exercised on the test day if, on the relevant assumption, it is in all the circumstances more likely than not that it would not have been exercised on that day.
(4)Subsection (5) applies if the option is not exercised on the test day but was exercisable on that day.
(5)The option is to be treated as having been exercised on the test day if, on the relevant assumption, it is in all the circumstances more likely than not that it would have been exercised on that day.]
Textual Amendments
F1Ss. 328A-328H inserted (with effect in accordance with Sch. 21 para. 11 of the amending Act) by Finance Act 2009 (c. 10), Sch. 21 para. 3