175 Transitional provisions.U.K.
(1)In a case where—
(a)at any time, a currency contract held by a qualifying company becomes a qualifying contract by virtue of section 147(2) above, and
(b)at that time, it is held for the purposes of a trade or part of a trade carried on by the company, [F1and
(c)the circumstances are such that if any profit or loss accrues (or were to accrue) to the company as regards the contract for an accounting period beginning before that time it falls (or would fall) to be taken into account as a profit or loss of the trade or part,]
subsection (4) of section 153 above shall have effect in relation to the contract and the company as if section 147(2) above applied for the purposes of this Chapter except those of that subsection.
[F2(2)In a case where—
(a) at any time, a currency contract held by a qualifying company becomes a qualifying contract by virtue of section 147(2) above, and
(b)the circumstances are such that if any profit or loss accrues (or were to accrue) to the company as regards the contract for the accounting period beginning with that time it does not fall (or would not fall) to be taken into account as a profit or loss of a trade or part of a trade carried on by the company,
in applying section 158(2) and (4) above in relation to the contract and the period section 153(4) and (5) above shall be treated as omitted.]
Textual Amendments
F1S. 175(1)(c) and the word “and”immediately preceding it inserted (retrospectively) by 1995 c. 4, s. 132(1)(2)
F2S. 175(2) substituted (retrospectively) by 1995 c. 4, s. 132(1)(3)