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

92D Translating amounts into equivalent in different currency U.K.

(1) Where, for the purposes of computing the profits or losses of a company for an accounting period, an amount is required by section 92B or 92C to be translated—

(a) into its sterling equivalent, or

(b) into its equivalent expressed in the functional currency or the accounts currency of the company,

the translation must be made by reference to the appropriate exchange rate.

(2) The “appropriate exchange rate”is—

(a) the average exchange rate for the current accounting period, or

(b) an appropriate spot rate of exchange for the transaction in question.]