{
  "url": "https://openlegislation.uk/exchange-gains-and-losses-transitional-provisions-and-savings-regulations-2002/note",
  "json_url": "https://openlegislation.uk/exchange-gains-and-losses-transitional-provisions-and-savings-regulations-2002/note.json",
  "legislation": "uksi/2002/1969",
  "legislation_title": "The Exchange Gains and Losses (Transitional Provisions and Savings) Regulations 2002",
  "legislation_url": "https://openlegislation.uk/exchange-gains-and-losses-transitional-provisions-and-savings-regulations-2002",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nSection 79(1) of the Finance Act 2002 (c. 23) repeals paragraph 4 of Schedule 9 to the Finance Act 1996 (c. 8) and, in consequence, sections 125 to 169 of the Finance Act 1993 (c. 34). These Regulations make savings (with modifications) of various regulations made under powers contained in the latter provisions. The Regulations are intended to make transitional provision in respect of the change of tax treatment of exchange gains and losses which will be governed in future by the provisions relating to loan relationships in Chapter 2 of Part 4 of the Finance Act 1996 (c. 8) and to derivative contracts in Schedule 26 to the Finance Act 2002.\nPart 1 contains introductory provisions. Regulation 1 provides for citation, commencement and effect. The Regulations have effect in relation to accounting periods beginning on or after 1st October 2002.\nPart 2 saves the Exchange Gains and Losses (Transitional Provisions) Regulations 1994 (S.I. 1994/3226) (“the Transitional Provisions Regulations”) with modifications.\nRegulation 2 is an introductory provision.\nRegulation 3 modifies regulation 1 of the Transitional Provisions Regulations.\nRegulation 4 modifies regulation 2 of the Transitional Provisions Regulations.\nRegulation 5 omits regulations 3 to 6 of the Transitional Provisions Regulations.\nRegulation 6 modifies regulation 7 of the Transitional Provisions Regulations.\nRegulation 7 modifies regulation 8 of the Transitional Provisions Regulations.\nRegulation 8 modifies regulation 13 of the Transitional Provisions Regulations.\nRegulation 9 substitutes regulation 14 of the Transitional Provisions Regulations.\nRegulation 10 omits regulations 15 and 16 of the Transitional Provisions Regulations.\nRegulation 11 omits Part 4 of the Transitional Provisions Regulations.\nPart 3 saves the Exchange Gains and Losses (Alternative Method of Calculation) Regulations 1994 (S.I. 1994/3227) (“the Alternative Method Regulations”) with modifications.\nRegulation 12 is an introductory provision.\nRegulation 13 omits regulations 2 and 3 of the Alternative Method Regulations.\nRegulation 14 modifies regulation 7 of the Alternative Method Regulations.\nRegulation 15 omits regulations 8 and 9 of the Alternative Method Regulations.\nRegulation 16 modifies regulation 11 of the Alternative Method Regulations.\nRegulation 17 omits regulation 12 of the Alternative Method Regulations.\nPart 4 saves the Exchange Gains and Losses (Insurance Companies) Regulations 1994 (S.I. 1994/3231) (“the Insurance Companies Regulations”) with modifications.\nRegulation 18 is an introductory provision.\nRegulation 19 modifies regulation 1 of the Insurance Companies Regulations.\nRegulation 20 omits regulations 2 to 5A of the Insurance Companies Regulations.\nRegulation 21 modifies regulation 7 of the Insurance Companies Regulations.\nRegulation 22 inserts regulations 7A and 7B in the Insurance Companies Regulations.\nRegulation 23 modifies regulation 8 of the Insurance Companies Regulations.\nRegulation 24 omits regulation 8A of the Insurance Companies Regulations.\nRegulation 25 modifies regulation 9 of the Insurance Companies Regulations.\nRegulation 26 modifies regulation 11 of the Insurance Companies Regulations.\nRegulation 27 modifies regulation 12 of the Insurance Companies Regulations.\nPart 5 saves the Exchange Gains and Losses (Miscellaneous Modifications) Regulations 2000 (S.I. 2000/3315) (“the Miscellaneous Modifications Regulations”) with modifications.\nRegulation 28 is an introductory provision.\nRegulation 29 omits regulations 2 to 5 of the Miscellaneous Modifications Regulations.\nRegulation 30 omits regulation 11 of the Miscellaneous Modifications Regulations.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2002/1969/note",
    "retrieved_at": "2026-10-29T06:51:40.271171+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."
}