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Changes over time for: Section 10
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Timeline of Changes
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Status:
Point in time view as at 14/03/2012.
Changes to legislation:
Corporation Tax Act 2010, Section 10 is up to date with all changes known to be in force on or before 27 February 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.
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Changes to Legislation
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10The equivalent in another currency of a sterling amountU.K.
This section has no associated Explanatory Notes
(1)Subsection (2) applies if, for the purposes of calculating the profits or losses of a company arising in an accounting period, section 7(3), 8(3) or 9(3) requires a sterling amount to be translated into its equivalent expressed in another currency.
(2)The translation must be made by reference to—
(a)the average exchange rate for the accounting period, or
(b)the rate mentioned in subsection (3).
(3)That rate is—
(a)if the amount to be translated relates to a single transaction, an appropriate spot rate of exchange for the transaction, or
(b)if the amount to be translated relates to more than one transaction, a rate of exchange derived on a just and reasonable basis from appropriate spot rates of exchange for those transactions.
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