SCHEDULES
SCHEDULE 7Investment companies
Amendments of Chapter 4 of Part 2 of CTA 2010
1
1
Section 6 of CTA 2010 (UK resident company operating in sterling and preparing accounts in another currency) is amended as follows.
2
In subsection (1), after “company” insert “
(other than a UK resident investment company)
”
.
3
After that subsection insert—
1A
This section also applies if, for a period of account, a UK resident investment company—
a
in accordance with generally accepted accounting practice, prepares its accounts in a currency other than sterling, and
b
either—
i
has sterling as its designated currency for that period of account (see sections 9A and 9B), or
ii
if it does not have a designated currency for that period, in those accounts identifies sterling as its functional currency in accordance with generally accepted accounting practice.