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

S.I. 2005/2013 · made 21 July 2005

These Regulations amend the Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2005 (S.I. 2002/1970) which provide how and when certain exchange gains and losses are brought into account for tax purposes. The amendment is required as a result of amendments made to the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004 (S.I. 2004/3256).

Made under: Finance Act 1996 (Section 84A); Finance Act 2002 (Schedule 23 paragraph 26, Schedule 26 paragraph 16)

PDFs: Printed copy https://openlegislation.uk/exchange-gains-and-losses-bringing-into-account-gains-or-losses-amendment-regulations-2005/pdf/uksi_20052013_en.pdf; Explanatory Memorandum https://openlegislation.uk/exchange-gains-and-losses-bringing-into-account-gains-or-losses-amendment-regulations-2005/pdf/uksiem_20052013_en.pdf

## Introductory text

INCOME TAX
Made 21st July 2005
Laid before the House of Commons 21st July 2005
Coming into force 11th August 2005
The Treasury, in exercise of the powers conferred upon them by section 84A(8) to (10) of the Finance Act 1996 and paragraph 26(5) of Schedule 23, and paragraph 16(8) to (10) of Schedule 26, to the Finance Act 2002, make the following Regulations:

## 1 Citation and commencement

These Regulations may be cited as the Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations 2005 and come into force on 11th August 2005.

## 2 Amendment of the Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2005

Amend the Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2005 as follows.

## 3 Amendment of the Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2005

(1) Amend regulation 3 (prescribed circumstances in which regulation 4 applies) as follows.
(2) In paragraph (1A)(b)—
(a) after “relationship” insert “of the company”;
(b) after “or” where it first occurs insert “an obligation under”.
(3) After paragraph (4) insert—
“(5) In this regulation an obligation under a derivative contract is the obligation of the company to pay in exchange for one currency an amount in a second currency.”.

## 4 Amendment of the Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2005

(1) Amend regulation 7 (regulations 5 and 6-supplementary) as follows.
(2) In paragraphs (4), (5)(a), (5A)(a), (5A)(a)(i), (5A)(b), (5A)(b)(i), (5A)(b)(iii) and (8) after “liability” in each place it occurs insert “or obligation”.
(3) In Rules 1, 2 and 3 in paragraph (7) after “liabilities” in each place it occurs insert “or obligations”.

## 5 Amendment of the Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2005

Omit regulation 14 (cases where there are no matching assets).

## Signature

Gillian Merron
Vernon Coaker
Two of the Lords Commissioners of Her Majesty’s Treasury
21st July 2005

## Explanatory note

(This note is not part of the Regulations)
These Regulations amend the Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2005 (S.I. 2002/1970) which provide how and when certain exchange gains and losses are brought into account for tax purposes. The amendment is required as a result of amendments made to the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004 (S.I. 2004/3256).
These Regulations do not impose any new costs on business.

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Source: https://www.legislation.gov.uk/uksi/2005/2013 (the official version)
Page: https://openlegislation.uk/exchange-gains-and-losses-bringing-into-account-gains-or-losses-amendment-regulations-2005
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.