1(1)Section 747A of the Taxes Act 1988 (special rule for computing chargeable profits: currency) shall be amended as follows.U.K.
(2)Subsection (7) (first relevant accounting period of a trading company where subsection (6) does not apply) shall be omitted.
(3)In subsection (8) (first relevant accounting period of a company which is not a trading company)—
(a)the words “the company is not a trading company and” shall be omitted;
(b)for “its”, where first occurring, there shall be substituted “ the company’s ”; and
(c)after paragraph (b) (cases where direction under section 747 would have been given had the company not pursued an acceptable distribution policy) there shall be added—
“unless the company is a trading company, in which case paragraph (b) above shall be disregarded in the case of its accounting periods beginning before 28th November 1995.”