Part 18Unremittable income
1278Valuing unremittable income
1
If no claim is made under section 1275 in relation to unremittable income arising in a territory outside the United Kingdom, the amount of the income to be taken into account for corporation tax purposes is determined as follows.
2
If the currency in which the income is denominated has a generally recognised market value in the United Kingdom, the amount is determined by reference to that value.
3
In any other case, the amount is determined according to the official rate of exchange of the territory where the income arises.