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Finance Act 2011

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Finance Act 2011, Paragraph 2 is up to date with all changes known to be in force on or before 27 February 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

2(1)Section 7 of that Act (UK resident company operating in currency other than sterling and preparing accounts in another currency) is amended as follows.U.K.

(2)In subsection (1), in paragraph (a), 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 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.

(4)In subsection (2), in step 1, for “functional” substitute “ relevant ”.

(5)In subsection (3) for “functional” substitute “ relevant ”.

(6)After that subsection insert—

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

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