1(1)Section 6 of CTA 2010 (UK resident company operating in sterling and preparing accounts in another currency) is amended as follows.
(2)In subsection (1), after “company” insert “(other than a UK resident investment company)”.
(3)After that subsection insert—
“(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 a currency other than sterling, and
(b)either—
(i)has sterling as its designated currency for that period of account (see sections 9A and 9B), or
(ii)if it does not have a designated currency for that period, in those accounts identifies sterling as its functional currency in accordance with generally accepted accounting practice.”