# The Exchange Gains and Losses (Transitional Provisions and Savings) Regulations 2002, Regulation 8: Modification of regulation 13


(1) Modify regulation 13 as follows.
(2) In paragraph (1) for “14(1) and 15(1)” substitute “14 and 14A”.
(3) After paragraph (1) insert—
“(1A) For the purposes of paragraph (1)(a) above, the final accounting period shall be treated as the last accrual period as respects any asset or liability held or owed by the company immediately after the end of the final accounting period.”.
(4) In paragraphs (2)(a), (b) and (c) and (3)(a), (b) and (c) for “before the end of the last accrual period” substitute “after the end of the final accounting period”.
(5) For paragraph (4) substitute—
“(4) In paragraphs (2) and (3) above, a relevant gain or loss in relation to a regulation 6(3) asset is a chargeable gain or an allowable loss.
(4A) In relation to any asset other than a regulation 6(3) asset or any liability, an amount equal to the amount of any relevant gain or loss that is deemed to accrue to the company under paragraph (2) or (3) above shall be treated for the purposes of Chapter 2 of Part 4 of the Finance Act 1996 (according to whether it is a relevant gain or loss)—
(a) as a credit in respect of a loan relationship of the company, or
(b) as a debit in respect of a loan relationship of the company,
which falls to be brought into account under section 82(2) of that Act.”.
(6) Omit paragraphs (5) to (8).

---
Source: https://www.legislation.gov.uk/uksi/2002/1969/regulation/8 (the official version)
Page: https://openlegislation.uk/exchange-gains-and-losses-transitional-provisions-and-savings-regulations-2002/regulation-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.