- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
(This note is not part of the Regulations)
These Regulations provide that certain exchange losses and certain losses arising on derivative contracts are not to be brought into account in determining a company’s profit or loss.
Regulation 1 provides for citation, commencement and effect.
Regulation 2 provides for interpretation, and regulation 3 is concerned with the interpretation of the expression “hedging relationship” and other related expressions.
Regulation 4 provides that certain exchange losses are not to be brought into account where the obligations may be settled in more than one currency.
Regulation 5 provides that the amount of a loss arising on certain derivative contracts is not to be recognised in determining a company’s profit or loss for any period.
These Regulations impose no new costs on business.
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.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
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: