Regulation 3 Amendments to the Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2002

for the definition of “foreign business asset” substitute—

• ““foreign business asset” means, in relation to a company, an asset of an operation of the company which for accounting purposes is a foreign operation consisting of a branch;”;

after the definition of “section 84A” insert—

• ““statement of recognised gains and losses and statement of changes in equity” mean the statements mentioned in subsection (3) of section 84A or sub-paragraph (3) of paragraph 16^f1;”;

after the definition of “the 1994 Regulations” insert—

• ““the Disregard Regulations” means the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004^f2.”.