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.