Regulation 7 Modification of the Exchange Gains and Losses (Alternative Method of Calculation of Gain or Loss) Regulations 1994

In regulation 4(2)—

(a)

after the definition of “accounts” insert—

““branch” shall be construed in accordance with section 93(7)^f1 of the 1993 Act;”;

(b)

omit the definition of “a local currency election”;

(c)

after the definition of “qualifying asset”^f2 add—

““the relevant foreign currency” has the meaning given by section 93(7) of the 1993 Act.”.

Annotations

f1: Sections 92 to 94 were substituted for sections 92 to 95 by section 105 of the Finance Act 2000.
f2: Added by S.I. 1996/1347, regulation 3.