{
  "url": "https://openlegislation.uk/corporation-tax-act-2010/section-5",
  "json_url": "https://openlegislation.uk/corporation-tax-act-2010/section-5.json",
  "legislation": "ukpga/2010/4",
  "legislation_title": "Corporation Tax Act 2010",
  "legislation_url": "https://openlegislation.uk/corporation-tax-act-2010",
  "path": "section/5",
  "kind": "section",
  "number": "5",
  "heading": "Basic rule: sterling to be used",
  "text": "(1) For corporation tax purposes the income and chargeable gains of a company for an accounting period must be calculated and expressed in sterling.\n(2) See the following sections for provision about the application of subsection (1) in certain cases where profits or losses fall to be calculated in accordance with generally accepted accounting practice—\nsection 6 (UK resident company operating in sterling and preparing accounts in another currency),\nsection 7 (UK resident company operating in currency other than sterling and preparing accounts in another currency),\nsection 8 (UK resident company preparing accounts in currency other than sterling),\nsection 9 (non-UK resident company preparing accounts in currency other than sterling).\n(3) See section 9C for provision about the application of subsection (1) so far as it relates to calculating chargeable gains.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "S. 5(3) inserted (1.9.2013) by Finance Act 2013 (c. 29), s. 66(2)(4); S.I. 2013/1815, art. 2"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2010/4/section/5",
    "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."
}