http://www.legislation.gov.uk/id/uksi/2002/1970

http://www.legislation.gov.uk/uksi/2002/1970/regulation/4/made

The Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2002

Income tax

Tax

Business practice and regulation

Income

King's Printer of Acts of Parliament

2015-04-28

INCOME TAX

Following the repeal of paragraph 4 of Schedule 9 to the Finance Act 1996 (c. 8) (and, in consequence, sections 125 to 169 of the Finance Act 1993 (c. 34)) by section 79(1) of the Finance Act 2002 (c. 23), the tax treatment of exchange gains and losses will be governed by the provisions relating to loan relationships in Chapter 2 of Part 4 of the Finance Act 1996 and derivative contracts in Schedule 26 to the Finance Act 2002.

The Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2002

reg. 3(1A)

The Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations 2004

reg. 4(3)

reg. 1

The Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2002

reg. 7(5A)

The Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations 2004

reg. 6(3)

reg. 1

The Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2002

reg. 13(2A)

The Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations 2004

reg. 9(4)

reg. 1

The Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2002

reg. 14

The Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations 2004

reg. 10

reg. 1

The Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2002

reg 4

The Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations 2010

regs 2

The Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2002

reg. 5(1A)

The Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations 2013

reg. 2(2)(a)

reg. 1(1)

The Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2002

reg. 5(2A)

The Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations 2013

reg. 2(2)(b)

reg. 1(1)

The Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2002

reg. 5(5)-(7)

The Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations 2013

reg. 2(2)(c)

reg. 1(1)

The Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2002

reg. 8(2A)

The Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations 2013

reg. 2(3)(a)

reg. 1(1)

The Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2002

reg. 4(1)

The Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations 2015

reg. 2(2)(a)

reg. 1(1)

The Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2002

reg. 4(5)

The Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations 2015

reg. 2(2)(b)

reg. 1(1)

The Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2002

reg. 13(3A)

The Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations 2015

reg. 2(3)(b)

reg. 1(1)

The Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2002

reg 14

The Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations 2005

regs 2

The Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2002

reg. 3(1B)

The Disregard and Bringing into Account of Profit and Losses on Derivative Contracts Hedging Acquisitions and Disposals of Shares Regulations 2022

reg. 3(2)(b)

reg. 1(1)

The Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2002

reg. 5(3A)

(3B)

The Disregard and Bringing into Account of Profit and Losses on Derivative Contracts Hedging Acquisitions and Disposals of Shares Regulations 2022

reg. 3(3)(b)

reg. 1(1)

The Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2002

reg. 13(2B)

The Changes in Accounting Standards (Loan Relationships and Derivative Contracts) Regulations 2014

reg. 2(2)(b)

reg. 1(2)

(3)

reg. 1(1)

General rule for bringing amounts into account4

1

For the purposes of the 1992 Act, there shall be brought into account for the accounting period in which the disposal of the asset occurs—

a

as a chargeable gain accruing to the company at the time of the disposal, the amount of any net gain; or

b

as an allowable loss accruing to the company at the time of the disposal, the amount of any net loss.

2

Paragraph (1) above does not have effect if the asset disposed of—

a

is a foreign business asset immediately before its disposal; or

b

consists of shares or an asset related to shares on the disposal of which no chargeable gain is treated as accruing by virtue of Part 1 of Schedule 7AC to the 1992 Act12.

3

Paragraph (1) above is subject to regulations 6 and 8.