Finance Act 1993 (c. 34)

Part II U.K. Income Tax, Corporation Tax and Capital Gains Tax

Chapter I U.K. General

[F1 Corporation tax: currency U.K.

Textual Amendments

F1 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

92 The basic rule: sterling to be used U.K.

(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).]