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Regulation 5 Modification of the Exchange Gains and Losses (Transitional Provisions) Regulations 1994

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

In regulation 22(3) for sub-paragraph (b) substitute—

“(b)

a debt shall be disregarded for the purposes of paragraph (1)(b) above unless it is held or owed for the purposes of a business or part of a business and is in a currency other than the local currency of the business or part (whether or not it is the same as the currency of the original debt);”.