Modifications etc. (not altering text)
C1Sch. 24 modified (28.7.2000) by Finance Act 2000 (c. 17), Sch. 22 para. 54(2)-(5)
Marginal Citations
M1Source-1984 Sch. 16, 1985 Sch. 14 16
Textual Amendments
F1Sch. 24 paras. 13-19 and cross-heading inserted (1.5.1995) by Finance Act 1995 (c. 4), Sch. 25 para. 6(5)
13Paragraphs 14 to 19 below apply for the purposes of the application of Chapter II of Part II of the M2Finance Act 1993.
Marginal Citations
14(1)This paragraph applies where—
(a)by virtue of section 747A the company’s chargeable profits for an accounting period are to be computed and expressed in a particular currency (the relevant currency),
(b)in an accrual period an asset or contract was held, or a liability was owed, by the company, and
(c)the accrual period falls within or constitutes the accounting period concerned.
(2)It shall be assumed that—
(a)the local currency for the purposes of sections 125 to 127 of the M3Finance Act 1993 is the relevant currency, and
(b)section 149 of that Act (local currency to be used) does not apply as regards the accrual period concerned.
Marginal Citations
15Where the accounting period mentioned in section 139(1) of the M4Finance Act 1993 is one for which, by virtue of section 747A, the company’s chargeable profits are to be computed and expressed in a currency other than sterling—
(a)section 142(1) to (4) of that Act shall be assumed not to apply as regards that period;
(b)section 142(5) and (6) of that Act shall be assumed not to apply as regards the next accounting period of the company.
Marginal Citations
16(1)This paragraph applies where the last relevant accounting period for the purposes of section 146 of the M5Finance Act 1993 is one for which by virtue of section 747A the company’s chargeable profits are to be computed and expressed in a particular currency (the relevant currency).
(2)Subsections (10), (11) and (14) of section 146 of the M6Finance Act 1993 shall be assumed not to apply.
17Where by virtue of section 747A the company’s chargeable profits for an accounting period are to be computed and expressed in a particular currency, the references in section 148(9) of the M7Finance Act 1993 to sterling shall be assumed to be references to that particular currency.
Marginal Citations
18(1)This paragraph applies where the accounting period mentioned in paragraph (b) of subsection (11) of section 153 of the M8Finance Act 1993 is one for which, by virtue of section 747A, the company’s chargeable profits are to be computed and expressed in a particular currency (the relevant currency).
(2)That subsection shall have effect as if the reference to the local currency of the trade for the accounting period were a reference to the relevant currency.
Marginal Citations
19(1)This paragraph applies where—
(a)Chapter II of Part II of the M9Finance Act 1993 falls to be applied as regards an accounting period of the company;
(b)under that Chapter, an exchange gain or an exchange loss accrued to the company for an accrual period constituting or falling within an earlier accounting period of the company, and
(c)the accounting period mentioned in paragraph (b) above falls before the company’s first relevant accounting period.
(2)It shall be assumed, for the purposes of applying Chapter II of Part II of the M10Finance Act 1993 as respects the accounting period mentioned in sub-paragraph (1)(a) above, that the exchange gain or loss mentioned in sub-paragraph (1)(b) above never existed.
(3)In sub-paragraph (1) above—
(a)references to an exchange gain are to an exchange gain of a trade or an exchange gain of part of a trade or a non-trading exchange gain;
(b)references to an exchange loss are to an exchange loss of a trade or an exchange loss of part of a trade or a non-trading exchange loss;
(c)the reference in sub-paragraph (1)(b) to an exchange gain or an exchange loss accruing is to the gain or loss accruing before the application of any of sections 131, 136, 137 and 140 of the M11Finance Act 1993 in relation to the accounting period mentioned in sub-paragraph (1)(b);
(d)references to the first relevant accounting period of the company shall be construed in accordance with section 747A.]