Modifications etc. (not altering text)
C1Pt. 7 excluded by 2010 c. 4, s. 938N (as inserted (19.7.2011) by Finance Act 2011 (c. 11), Sch. 5 para. 2)
C2Pt. 7 excluded by 2010 c. 4, s. 938V(d) (as inserted (with effect in accordance with Sch. 20 para. 6 of the amending Act) by Finance Act 2013 (c. 29), Sch. 20 para. 3)
(1)Subject to the following provisions of this section, references in this Chapter to an amount disclosed in a balance sheet of a F1... company, or of the worldwide group, as at any date are, where the amount is expressed in a currency other than sterling, to that amount translated into its sterling equivalent by reference to the spot rate of exchange for that date.
(2)Subsection (3) applies in relation to a period of account of the worldwide group if all the amounts disclosed in balance sheets (whether of F2... companies, or of the worldwide group) that are relevant to a calculation under this Chapter in relation to that period are expressed in the same currency (“the relevant foreign currency”) and that currency is not sterling.
(3)If this subsection applies—
(a)references in this Part to an amount disclosed in a balance sheet of a F3... company, or of the worldwide group, are to that amount expressed in the relevant foreign currency, and
(b)for the purposes of determining under section 262 the net debt amount of a company, subsection (3) of that section is to have effect as if the reference to the amount for the time being specified there (“the section 262(3) amount”) were read as a reference to the relevant amount.
(4)For this purpose “the relevant amount” means the average of—
(a)the section 262(3) amount expressed in the relevant foreign currency, translated by reference to the spot rate of exchange for the company's start date, and
(b)the section 262(3) amount expressed in the relevant foreign currency, translated by reference to the spot rate of exchange for the company's end date.
Textual Amendments
F1Words in s. 273(1) omitted (retrospectively) by virtue of Finance (No. 3) Act 2010 (c. 33), Sch. 5 paras. 11, 36(1)
F2Words in s. 273(2) omitted (retrospectively) by virtue of Finance (No. 3) Act 2010 (c. 33), Sch. 5 paras. 11, 36(1)
F3Words in s. 273(3)(a) omitted (retrospectively) by virtue of Finance (No. 3) Act 2010 (c. 33), Sch. 5 paras. 11, 36(1)