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)
19(1)This paragraph applies where—
(a)Chapter II of Part II of the M2Finance 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 M3Finance 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 M4Finance 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.]