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(1)This section applies if, for a period of account, in accordance with generally accepted accounting practice, a UK resident company—
(a)prepares its accounts in a currency other than sterling, and
(b)in those accounts identifies sterling as its functional currency.
(2)Profits or losses of the company for the period that fall to be calculated in accordance with generally accepted accounting practice for corporation tax purposes must be calculated in sterling as if the company prepared its accounts in sterling.