This paragraph applies where the accounting period mentioned in paragraph (b) of subsection (11) of section 153 of the M1Finance 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).

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.