{
  "url": "https://openlegislation.uk/exchange-gains-and-losses-miscellaneous-modifications-regulations-2000/regulation-8",
  "json_url": "https://openlegislation.uk/exchange-gains-and-losses-miscellaneous-modifications-regulations-2000/regulation-8.json",
  "legislation": "uksi/2000/3315",
  "legislation_title": "The Exchange Gains and Losses (Miscellaneous Modifications) Regulations 2000",
  "legislation_url": "https://openlegislation.uk/exchange-gains-and-losses-miscellaneous-modifications-regulations-2000",
  "path": "regulation/8",
  "kind": "regulation",
  "number": "8",
  "heading": "Modification of the Exchange Gains and Losses (Alternative Method of Calculation of Gain or Loss) Regulations 1994",
  "text": "(1) In regulation 5(6)—\n(a) after “An asset held by a company” insert “which prepares its accounts as a whole in sterling”;\n(b) for sub-paragraph (b)(ii) substitute—\n“(ii) is a company to which section 93 of the 1993 Act applies by virtue of its accounts as a whole being prepared in a currency other than sterling in accordance with normal accounting practice, and”;\n(c) in sub-paragraph (d) for “in a branch” to “other than sterling” substitute “in a branch through which the company carries on a business or part of a business and, by virtue of section 93 of the 1993 Act, the profits and losses of that business or that part are to be computed and expressed in a currency other than sterling”.\n(2) After regulation 5(6) insert—\n“(6A) An asset held by a company which prepares its accounts as a whole in a currency other than sterling is an eligible asset at any time if at that time—\n(a) it is shares which—\n(i) are denominated in a currency other than the relevant foreign currency for the company making the election, and\n(ii) are in a company that is not resident in the United Kingdom and is, at the time the election is made, an associated company of the company making the election; or\n(b) it is shares in a company which—\n(i) is resident in the United Kingdom, and\n(ii) prepares its accounts as a whole either in sterling or in a currency other than sterling which is not the relevant foreign currency for the company making the election, and\n(iii) is a 90 per cent. subsidiary (within the meaning of paragraph (7) below) of the company making the election; or\n(c) it is a debt on a security which under the terms of issue can be converted into or exchanged for shares falling within sub-paragraph (a) or (b) above and which is not a qualifying asset; or\n(d) it is the company’s net investment in a branch through which the company carries on a business or part of a business and, by virtue of section 93 of the 1993 Act, the profits and losses of that business or that part are to be computed and expressed in a currency other than the relevant foreign currency for the company; or\n(e) it is a ship or an aircraft.”.\n(3) For regulation 5(8)(b) substitute—\n“(b) the asset is not a qualifying asset, and\n(c) the asset is held by a branch of the company outside the United Kingdom through which the company carries on a business or part of a business, and\n(i) where the company prepares its accounts as a whole in sterling, the profits and losses of that business or that part are not to be computed and expressed in a currency other than sterling by virtue of section 93 of the 1993 Act, or\n(ii) where the company prepares its accounts as a whole in a currency other than sterling, the profits and losses of that business or that part are not to be computed and expressed in a currency other than the relevant foreign currency for the company by virtue of that section.”.\n(4) In regulation 5(9)—\n(a) for “(6) and (8)” substitute “(6), (6A) and (8)”;\n(b) for “trade” in both places where it occurs substitute “business”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Regulation 5 was amended by S.I. 1996/1347, regulation 4."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2000/3315/regulation/8",
    "retrieved_at": "2026-10-29T08:08:32.891280+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}