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Finance Act 2003
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- UK Public General Acts
- 2003 c. 14
- SCHEDULE 38
- Paragraph 14
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Exchange gains and losses
14In section 100 of the Finance Act 1996 (c. 8) (exchange gains and losses on debts etc not arising from the lending of money), after subsection (2) insert—
“(2A)Where—
(a)a company has a relationship to which section 730BB of the Taxes Act 1988 applies (exchange gains and losses on sale and repurchase of securities),
(b)in the case of that relationship the circumstances mentioned in section 730A(1)(b) of that Act are such as to give rise to a money debt, and
(c)the company stands, or has stood, in the position of a creditor or debtor as respects that money debt,
the company shall not be regarded for the purposes of the Corporation Tax Acts as having, by reason of that money debt, a relationship to which this section applies, so far as relating to exchange gains and losses.”.
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