Part 7Tax treatment of financing costs and income
CHAPTER 10Other interpretative F1and supplementary provisions
Annotations:
Amendments (Textual)
350Translation of amounts disclosed in financial statements
1
References in this Part (except in Chapter 2) to an amount disclosed in financial statements for a period are, where the amount is expressed in a currency other than sterling, to that amount translated into its sterling equivalent.
2
The exchange rate by reference to which the amount is to be translated is the average rate of exchange for the period calculated from daily spot rates.
Words in Pt. 7 Ch. 10 heading substituted (retrospectively) by Finance (No. 3) Act 2010 (c. 33), Sch. 5 paras. 29, 36(1)