Part II Income Tax, Corporation Tax and Capital Gains Tax
Chapter I General
F1Corporation tax: currency
Annotations:
Amendments (Textual)
92The basic rule: sterling to be used
1
For the purposes of corporation tax the profits of a company for an accounting period must be computed and expressed in sterling.
2
The following sections contain further provision as to the application of subsection (1) to certain profits or losses falling to be computed in accordance with generally accepted accounting practice—
section 92A (company operating in sterling and preparing accounts in another currency);
section 92B (company operating in currency other than sterling and preparing accounts in another currency);
section 92C (company preparing accounts in currency other than sterling).
Ss. 92-92E substituted for ss. 92-94AB (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 10 para. 77