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Regulation 11 Modification of the effect of section 146 of the Finance Act 1993

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

This regulation shall have effect in any case where—

(a)

paragraph (2)(b) of regulation 5 of the Exchange Gains and Losses (Alternative Method of Calculation of Gain or Loss) Regulations 1994 applies so as to reduce the amount of an initial exchange gain or initial exchange loss which, apart from that regulation, would accrue to a company as respects a liability, and

(b)

section 146f1 of the Finance Act 1993 (“section 146”) applies.

(2)

Section 146 shall have effect as if the reduction referred to in paragraph (1)(a) had not been made.

Annotations

Footnotes

f1

Amended by section 115(2) of the Finance Act 1994.