Part II Income Tax, Corporation Tax and Capital Gains Tax
Chapter I General
F1Corporation tax: currency
Annotations:
Amendments (Textual)
92ACompany operating in sterling and preparing accounts in another currency
1
This section applies if, for a period of account, in accordance with generally accepted accounting practice, a company resident in the United Kingdom—
a
prepares its accounts in a currency other than sterling, and
b
in those accounts identifies sterling as its functional currency.
2
Profits or losses of the company for the period that fall to be computed in accordance with generally accepted accounting practice for corporation tax purposes must be computed in sterling as if the company prepared its accounts in 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