SCHEDULES
SCHEDULE 24 Exchange gains and losses
Part I Amendments of Finance Act 1993
Introduction
1
F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Trading gains and losses
2
F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-trading gains and losses
3
F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Assets and liabilities
F44
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Chargeable gains
F55
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F66
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Part II Amendments of other provisions
Introduction
7
Paragraphs 8 to 12 below shall be deemed to have come into force on F723rd March 1995
Interest on overdue tax
8
In section 87A of the Taxes Management Act 1970 (interest on overdue tax) in subsection (4A) (claims under section 131(5) or (6) of the M1Finance Act 1993)—
a
for paragraph (c) there shall be substituted—
c
if the claim had not been made, there would be an amount or, as the case may be, an additional amount of corporation tax for the earlier period which would carry interest in accordance with this section,
b
for the words from “then” to the end there shall be substituted “
then, for the purposes of the determination at any time of whether any interest is payable under this section or of the amount of interest so payable, the amount mentioned in paragraph (c) above shall be taken to be an amount of unpaid corporation tax for the earlier period except so far as concerns interest for any time after the date on which any corporation tax for the later period became (or, as the case may be, would have become) due and payable as mentioned in subsection (1) above.
”
F89
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
In section 91 of the M2Taxes Management Act 1970 (effect on interest of reliefs) in subsection (1B) (provisions to which section 91(1A) is subject) after the words “section 87A(4)” there shall be inserted “
, (4A), (4B),
”
.
Interest on tax overpaid
11
In section 826 of the Taxes Act 1988 (interest on tax overpaid) in subsection (7C) (claims under section 131(5) or (6) of the M3Finance Act 1993)—
a
at the end of paragraph (c) there shall be inserted “
or of income tax in respect of a payment received by the company in that accounting period
”
, and
b
for the words from “repayment of corporation tax” to “resulting from” there shall be substituted “
repayment referred to in paragraph (c) above, no account shall be taken of so much of the amount of the repayment as falls to be made as a result of
”
.
12
F91
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F92
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F103
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F94
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F95
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .