{
  "url": "https://openlegislation.uk/corporation-tax-act-2010/schedule-2/paragraph-11",
  "json_url": "https://openlegislation.uk/corporation-tax-act-2010/schedule-2/paragraph-11.json",
  "legislation": "ukpga/2010/4",
  "legislation_title": "Corporation Tax Act 2010",
  "legislation_url": "https://openlegislation.uk/corporation-tax-act-2010",
  "path": "schedule/2/paragraph/11",
  "kind": "paragraph",
  "number": "11",
  "heading": null,
  "text": "(1) This paragraph applies if—\n(a) a loss of a company (arising in an accounting period ending on or after 1 April 2010) (“the loss”) is required by section 7, 8 or 9 to be translated from a currency other than sterling into its sterling equivalent, and\n(b) the loss is to be a carried-back amount that is to be carried back to an accounting period beginning before 29 December 2007.\n(2) Section 12 (sterling equivalents: carried-back amounts) does not have effect in relation to the loss.\n(3) The translation must be made by reference to—\n(a) the average exchange rate for the accounting period mentioned in sub-paragraph (1)(a), or\n(b) the rate mentioned in sub-paragraph (4).\n(4) That rate is—\n(a) if the amount to be translated relates to a single transaction, an appropriate spot rate of exchange for the transaction, or\n(b) if the amount to be translated relates to more than one transaction, a rate of exchange derived on a just and reasonable basis from appropriate spot rates of exchange for those transactions.\n(5) In this paragraph “carried-back amount” has the same meaning as in Chapter 4 of Part 2 (see section 17(2)).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2010/4/schedule/2/paragraph/11",
    "retrieved_at": "2026-10-29T09:10:29.433154+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}