- Latest available (Revised)
- Point in Time (18/11/2015)
- Original (As enacted)
Point in time view as at 18/11/2015.
There are currently no known outstanding effects for the Finance (No. 2) Act 2015, Paragraph 20.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
20(1)Section 328 (exchange gains and losses) is amended as follows.U.K.
(2)In subsection (1), for “section 307(3)” substitute “ section 306A(1) ”.
(3)Omit subsections (2) and (2A).
(4)For subsection (3) substitute—
“(3)But subsection (1) does not apply to an exchange gain or loss of a company so far as it—
(a)arises as a result of the translation of the assets, liabilities, income and expenses of all or part of the company's business from the functional currency of the business, or that part of the business, into another currency, and
(b)has been recognised as an item of other comprehensive income.
(3A)In subsection (3)—
(a)the reference to the functional currency of a business or part of a business is a reference to the currency of the primary economic environment in which the business or part operates, and
(b)“assets, liabilities, income and expenses” and “item of other comprehensive income” each has the meaning that it has for accounting purposes.
(3B)No amount is to be brought into account for the purposes of this Part in respect of an exchange gain or loss of an investment company (within the meaning of section 17 of CTA 2010) which would not have arisen but for a change in the company's functional currency (within the meaning of section 17(4) of that Act) as between—
(a)the period of account of the company in which the gain or loss arises, and
(b)a period of account of the company ending in the 12 months immediately preceding that period.
(3C)But subsection (3B) does not apply to an exchange gain or loss arising at a time when an election under section 9A of CTA 2010 (designated currency of UK resident investment company) has effect in relation to the company.”
(5)For subsection (4) substitute—
“(4)The Treasury may by regulations make provision—
(a)excluding exchange gains or losses of a specified description from being brought into account for the purposes of this Part,
(b)requiring exchange gains or losses of a specified description which would not otherwise be brought into account for the purposes of this Part to be brought into account in specified circumstances,
(c)as to the way in which, including the currency by reference to which, any exchange gains or losses to be brought into account as a result of provision made under paragraph (b) are to be calculated, and
(d)as to the way in which any such exchange gains or losses are to be brought into account.
(4ZA)For the purposes of subsection (4)(b), it does not matter whether the exchange gains or losses would otherwise be excluded from being brought into account as a result of regulations under subsection (4)(a) or otherwise.”
(6)Omit subsections (4A) and (5).
(7)For subsection (6) substitute—
“(6)The reference in subsection (4) to bringing exchange gains or losses into account is a reference to bringing them into account—
(a)for the purposes of this Part as credits or debits arising to a company from its loan relationships, or
(b)for the purposes of corporation tax on chargeable gains.”
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: