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Finance Act 2009

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Changes over time for: Cross Heading: Commencement

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Point in time view as at 19/07/2011.

Changes to legislation:

Finance Act 2009, Cross Heading: Commencement is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

CommencementU.K.

11(1)The amendments made by this Schedule have effect—U.K.

(a)in relation to exchange gains and losses arising in accounting periods beginning on or after 22 April 2009, and

(b)subject to the following provisions of this paragraph, in relation to exchange gains and losses arising in straddling accounting periods.

(2)In this paragraph “straddling accounting period” means an accounting period that—

(a)begins before 22 April 2009, and

(b)ends on or after that date.

(3)An exchange gain or loss that arises in a straddling accounting period in relation to—

(a)an asset or liability representing a loan relationship, or

(b)a derivative contract,

is to be treated for the purposes of this paragraph as if it were made up of two amounts.

(4)Those two amounts are the exchange gains or losses that would arise in relation to the loan relationship or derivative contract in—

(a)that part of the period that falls before 22 April 2009, and

(b)that part of the period that falls on or after that date,

if those parts were separate accounting periods.

(5)The amendments made by this Schedule have effect, in relation to an exchange gain or loss of the kind mentioned in sub-paragraph (3), as if the gain or loss were the amount determined in relation to it under sub-paragraph (4)(b).

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