# The Exchange Gains and Losses (Transitional Provisions and Savings) Regulations 2002, Regulation 14: Modification of regulation 7


(1) Modify regulation 7 as follows.
(2) In paragraph (1) for the words from “Subject to” to “by a company at any time” substitute “Paragraphs (3) to (5) below apply in any case where a disposal of an asset is deemed by virtue of paragraph (1A) below to have been made by a company immediately before the first day of its first accounting period to begin on or after 1st October 2002”.
(3) After paragraph (1) insert—
“1A For the purposes of paragraph (1) above, any asset held by the company at the beginning of the first day of its first accounting period to begin on or after 1st October 2002 shall be deemed to have been disposed of by the company immediately before that first day.”.
(4) Omit paragraph (2).
(5) Omit paragraphs (6) to (8).

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Source: https://www.legislation.gov.uk/uksi/2002/1969/regulation/14 (the official version)
Page: https://openlegislation.uk/exchange-gains-and-losses-transitional-provisions-and-savings-regulations-2002/regulation-14
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.