SCHEDULES

SCHEDULE 16U.K. Exchange gains and losses: transitionals

General provisionU.K.

2(1)Regulations may make such provision as the Treasury think fit with regard to the application of this Chapter to an existing asset, liability or contract (such as provision for finding the basic valuation of an asset or liability).

(2)Nothing in the following provisions of this Schedule shall prejudice the generality of sub-paragraph (1) above.