# The Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations 2015, Note: 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 2002. Those Regulations provide for exchange gains or losses on loans or derivatives which hedge foreign exchange risk from a company’s investment in a foreign enterprise, and which have previously been disregarded for corporation tax purposes, to be brought back into account in specified circumstances. These amendments are consequential to amendments made to Parts 5 and 7 of the Corporation Tax Act 2009 by the Finance (No 2) Act 2015 and ensure that amounts are not brought into account under both provisions in the Corporation Tax Act 2009 and the Regulations.
A Tax Information and Impact Note for the modernisation of the taxation of corporate debt and derivative contracts which covers this instrument was published at Summer Budget 2015 on 8th July 2015 and is available on the HMRC website at: www.gov.uk/government/collections/tax-information-and-impact-notes-tiins. It remains an accurate summary of the impacts that apply to this instrument.

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Source: https://www.legislation.gov.uk/uksi/2015/1960/note (the official version)
Page: https://openlegislation.uk/exchange-gains-and-losses-bringing-into-account-gains-or-losses-amendment-regulations-2015/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.