Chwilio Deddfwriaeth

Corporation Tax Act 2010

 Help about what version

Pa Fersiwn

 Help about advanced features

Nodweddion Uwch

 Help about opening options

Dewisiadau AgorExpand opening options

Changes over time for: Section 7

 Help about opening options

Alternative versions:

Status:

Point in time view as at 31/01/2013.

Changes to legislation:

Corporation Tax Act 2010, Section 7 is up to date with all changes known to be in force on or before 04 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

7UK resident company operating in currency other than sterling and preparing accounts in another currencyU.K.
This adran has no associated Nodiadau Esboniadol

(1)This section applies if, for a period of account, in accordance with generally accepted accounting practice—

(a)a UK resident company [F1(other than a UK resident investment company)] prepares its accounts in one currency,

(b)in those accounts it identifies another currency as its functional currency, and

(c)that other currency is not sterling.

[F2(1A) This section also applies if, for a period of account, a UK resident investment company—

(a)in accordance with generally accepted accounting practice, prepares its accounts in one currency,

(b)either—

(i)has another currency as its designated currency for that period (see sections 9A and 9B), or

(ii)if it does not have a designated currency for that period, in those accounts identifies another currency as its functional currency in accordance with generally accepted accounting practice, and

(c)that other currency is not sterling.]

(2)Profits or losses of the company for the period that fall to be calculated in accordance with generally accepted accounting practice for corporation tax purposes must be calculated in sterling as follows—

  • Step 1

    Calculate those profits or losses in the [F3relevant] currency as if the company prepared its accounts in that currency.

  • Step 2

    Take the sterling equivalent of those profits or losses (see section 11).

(3)If this section applies, assume that any sterling amount mentioned in the Corporation Tax Acts is its equivalent expressed in the [F4relevant] currency of the company.

[F5(4) In subsections (2) and (3) “ the relevant currency ” means the currency other than sterling referred to in subsection (1)(c) or (1A)(c). ]

Textual Amendments

F1Words in s. 7(1)(a) inserted (with effect in accordance with Sch. 7 para. 8 of the amending Act) by Finance Act 2011 (c. 11), Sch. 7 para. 2(2)

F2S. 7(1A) inserted (with effect in accordance with Sch. 7 para. 8 of the amending Act) by Finance Act 2011 (c. 11), Sch. 7 para. 2(3)

F3Word in s. 7(2) substituted (with effect in accordance with Sch. 7 para. 8 of the amending Act) by Finance Act 2011 (c. 11), Sch. 7 para. 2(4)

F4Word in s. 7(3) substituted (with effect in accordance with Sch. 7 para. 8 of the amending Act) by Finance Act 2011 (c. 11), Sch. 7 para. 2(5)

F5S. 7(4) inserted (with effect in accordance with Sch. 7 para. 8 of the amending Act) by Finance Act 2011 (c. 11), Sch. 7 para. 2(6)

Modifications etc. (not altering text)

C1S. 7 applied (with modifications) by 2010 c. 8, s. 371SI(3) (as inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 20 para. 1)

Yn ôl i’r brig

Options/Cymorth

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?